Government plans new powers to stop firms exploiting loyal consumers June 18, 2019 The competition watchdog is set to be given new powers to fine companies exploiting consumer loyalty in a crackdown on “subscription traps” and unfair cancellation charges. The government has proposed giving the Competition and Markets Authority (CMA) legal powers to penalise firms without going through the courts. Read more: UK watchdog calls for new powers [...]
Independent and Evening Standard could face probe over Saudi stakes June 13, 2019 The Independent and the Evening Standard could face an inquiry over public interest concerns after a mysterious Saudi investor took major stakes in the titles. Culture secretary Jeremy Wright today said he is mulling an investigation into the groups behind the two newspapers, amid fears the deals could compromise freedom of expression and the accurate [...]
City watchdog launches crackdown on ‘buy now pay later’ deals June 12, 2019 The City watchdog has launched a crackdown on ‘buy now pay later’ deals in a bid to save consumers up to £60m a year. The Financial Conduct Authority has announced plans to ban retailers from charging backdated interest rates on loans repaid during the offer period. Read more: Financial Conduct Authority issues warning to high [...]
Can Amazon really be a climate change champion? June 12, 2019 Amazon is not a company normally associated with meaningful strides towards a low carbon future. Although e-commerce is typically better for the environment than heavily air-conditioned, high street stores, speedy deliveries carry a high carbon cost. Any Amazon shopper may feel a pang of guilt – as I have – at using the one day delivery [...]
Roche faces further delay in $4.3bn takeover of Spark Therapeutics June 10, 2019 Swiss pharmaceutical giant Roche’s $4.3bn (£3.4bn) acquisition of US gene therapy firm Spark Therapeutics has been delayed again amid increased scrutiny from US and UK regulators. Read more: Big pharma: Invidior launches generic version of own drugs to beat copycat Roche said both firms had received a request from the US Federal Trade Commission (FTC) [...]
Ofgem urged to extend prepayment price cap due to smart meter delays June 7, 2019 The competition watchdog has urged Ofgem to extend protection for prepayment consumers beyond the end of 2020 due to the delayed roll-out of smart meters. The Competition and Markets Authority (CMA) implemented a temporary prepayment price cap in 2017 in a bid to reduce customers’ bills by around £300m a year. Read more: Ofgem won’t [...]
FCA to overhaul banks’ ‘dysfunctional’ overdraft fees June 7, 2019 The financial regulator will set out to stop banks from charging higher fees for unarranged overdrafts, it confirmed today. Read more: Consumers could save ‘£100m a year’ from overdraft shake-up The Financial Conduct Authority (FCA) laid out planned reforms to the “dysfunctional” overdraft market in a bid to make such arrangements simpler, fairer and easier [...]
CMA head Lord Tyrie warns Big Four that appetite for audit reform is ‘very strong’ June 5, 2019 The chair of the Competition and Markets Authority Lord Tyrie today warned the Big Four that the appetite for reform of the audit market is “very strong” in government and parliament. “I think the market needs to realise, if they don’t already, that the appetite for whatever is required to address this is very strong, [...]
Competition watchdog to probe £1.6bn One Savings Bank and Charter Court merger June 5, 2019 The competition watchdog has announced it is investigating the potential £1.6bn merger between One Savings Bank and Charter Court. The Competition and Markets Authority (CMA) said it would assess whether the deal would lead to a “substantial lessening of competition” in the market. Read more: One Savings Bank and Charter Court announce terms of £1.6bn [...]
PwC invests £30m in audit quality but stops short of CMA report recommendations June 5, 2019 Big Four firm PwC said today it plans to invest an extra £30m in its audit practice as part of a package of measures intended to boost quality. PwC’s move comes amid intense scrutiny on the sector which has been rocked by scandals such as the collapse of outsourcer Carillion and the accounting scandal at [...]