Citizen’s Advice Bureau launches super-complaint over £4bn consumer rip-off September 28, 2018 The Citizens Advice Bureau will today lodge a super-complaint with the Competition and Markets Authority (CMA) over what it believes to be a £4bn annual loss to UK consumers. The claim sits across mobile, broadband, home insurance, mortgages and savings over the so-called loyalty penalty, which is the difference between what loyal and new customers [...]
Sainsbury’s-Asda merger will impact competition in 463 local areas, competition watchdog warns September 27, 2018 The UK competition authority today warned the mega merger between Asda and Sainsbury's could Seriously lessen competition in 463 local areas across the country. To solve the issue, the new business may have to sell off hundreds of the overlapping stores. Last week, the Competition and Markets Authority (CMA) said its concerns around the merger were [...]
Mercer slams competition watchdog for data errors in pension fund industry investigation September 25, 2018 A leading player in the pension fund industry has slammed the competition watchdog for using inaccurate data in its probe into the sector. The Competition and Markets Authority (CMA) report released in July found that there was a lack of competition in the investment consultancy which could cause "material customer detriment". The UK chief [...]
EU regulator sets October deadline to rule on Sony’s EMI takeover September 25, 2018 Sony will find out by 26 October if its $2.3bn (£1.8bn) takeover of EMI Music Publishing will win approval from antitrust authorities. The European Commission set the provisional deadline after being formally notified of the deal on Friday. Sony is already a major shareholder in EMI, having bought 30 per cent of the firm [...]
Competition watchdog says proposed minicab cap would lead to fare hikes for Londoners September 24, 2018 The competition watchdog has criticised proposals to grant councils the power to cap the number of minicabs in the capital following a plea last month by London mayor Sadiq Khan. The Competition and Markets Authority (CMA) was responding to a government-commissioned review into taxi and PHV licensing after stakeholders suggested that current legislation was no longer fit for purpose. [...]
Why broadening your definition of risk might prove beneficial September 24, 2018 Risk. Many financial commentators and industry professionals agree it is one of the most important considerations for any investor. In our review of financial media, we see near-constant coverage of it—particularly the risk of loss. Commentary often dwells on the potential for current events to drive equity market declines, warning risks lurk. We, too, [...]
Numis founder Oliver Hemsley seals £20m deal to take control of Nex Exchange September 23, 2018 Numis founder Oliver Hemsley has secured a £20m deal to take control of stock exchange challenger Nex Exchange. Hemsley will invest £10.5m in the business for a 55 per cent stake, with a view to eventually take full control and transform it into a credible rival to London's Alternative Investment Market (AIM). Read more: Competition watchdog launches inquiry into CME [...]
Italy launches competition probe into Ryanair hand luggage charges September 21, 2018 Ryanair's new bag charge policy is being investigated by Italy's competition watchdog over claims it could amount to unfair commercial practice. Antitrust says hand luggage is an "essential element of transport" that should be included in the ticket price. Not doing so distorts the final price of the ticket and does not allow a true [...]
Italy launches competition probe into Ryanair hand luggage charges September 21, 2018 Ryanair's new bag charge policy is being investigated by Italy's competition watchdog over claims it could amount to unfair commercial practice. Antitrust says hand luggage is an "essential element of transport" that should be included in the ticket price. Not doing so distorts the final price of the ticket and does not allow a true [...]
Regulator calls in Paypal’s $2.2bn iZettle merger on day it completes September 20, 2018 The UK's competition regulator has called in Paypal's $2.2bn (£1.7bn) acquisition of Swedish payments firm iZettle on the day it completes. The Competition and Markets Authority (CMA) will investigate whether the merger would lessen competition between payment platforms in the UK, with the firms remaining separate until the CMA concludes its probe. Nevertheless, Paypal said the [...]