Andrew Tyrie, chair of Competition and Markets Authority, to step down June 18, 2020 Former Treasury select committee chair Lord Andrew Tyrie has resigned as chairman of the UK’s competition watchdog, citing the “inherent limits” of his position. Tyrie, who used to be a Conservative MP, announced he would step down from his role at the Competition and Markets Authority (CMA) in September. He joined the CMA in April [...]
Open banking: UK banks could pay to access central hub of Brits’ financial data June 18, 2020 British banks would pay for access to a central open banking resource under proposed next steps to introduce the concept in the UK, an industry body said today. Open banking functions to let people share their spending habits, regular payments and payees with other banks would move into a separate service company, under next steps [...]
Pensions watchdog gives go-ahead to superfund deals June 18, 2020 The UK’s pension watchdog has given the green light to the launch of superfunds, leading to billions of pounds of retirement funds to be pooled together. The Pensions Regulator (TPR) has set out an interim framework for supervising the pension consolidation vehicles called superfunds. Sky News first reported the development yesterday afternoon, before TPR confirmed. [...]
FCA to make mini-bond marketing ban permanent following LCF scandal June 18, 2020 The Financial Conduct Authority (FCA) has permanently banned the mass marketing of speculative mini-bonds to ordinary investors. The ban on the mass marketing of illiquid securities comes after a series of scandals involving unregulated bonds, including the collapse of London Capital & Finance (LCF) last year. The FCA introduced a temporary ban in January amid [...]
EU opens antitrust cases against Apple over App Store and Apple Pay June 16, 2020 The European Commission today launched two new antitrust cases against Apple, bolstering its fight against market dominance in the technology sector. The first investigation will explore whether Apple’s practice of charging a 30 per cent commission fee on sales and subscriptions made via its App Store is anti-competitive, following complaints by Spotify and Rakuten. Spotify’s [...]
Competition watchdog to investigate Facebook’s Giphy acquisition June 12, 2020 The Competition and Markets Authority (CMA) has today begun an investigation into the completed acquisition of Giphy by Facebook. An initial enforcement order was sent earlier this week as the CMA conducts an inquiry into whether the merger of Facebook and Giphy will “result in a substantial lessening of competition within any market or markets [...]
Competition watchdog cranks up pressure on Viagogo’s $4bn takeover of Stubhub June 11, 2020 Britain’s competition watchdog has ramped up its probe into Viagogo’s proposed $4bn (£3.2bn) takeover of rival ticketing website Stubhub. The Competition and Markets Authority said it was concerned the deal would drive up prices and reduce choice for buyers. This is in part because of the two companies’ already dominant position in the ticket resale [...]
Fiat-PSA mega-merger faces months-long competition probe June 11, 2020 The $50bn mega-merger between car giants Fiat Chrysler and Peugeot owner PSA is facing a four-month competition probe from European antitrust officials after the companies failed to provide requested concessions. Over the weekend it emerged that the two firms had been warned by the European Union over their combined high market share in small vans. [...]
French government presents €15bn aid package to save aviation sector June 9, 2020 The French government has this morning unveiled a €15bn (£13.3bn) plan to save its aerospace industry, saying that 100,000 jobs are at risk due to the coronavirus crisis. The rescue package, which includes pre-announced measures such as a €7bn loan to flag carrier Air France, comes amid the worst aviation downturn in history. New measures [...]
A pro-growth vision for the UK economy June 5, 2020 The UK needs a pro-growth economic policy. That is one of the key lessons likely to arise from this crisis. It is also the central message of a new report that I have co-authored for the think tank Policy Exchange. The pro-growth strategy should be based on three arrows: credible fiscal activism, monetary and financial [...]