Vodafone has ditched separate line rental charges amid regulatory pressure over pricing August 9, 2016 Vodafone – the mobile phone giant that has recently turned its hand to broadband – has said it will scrap line rental charges in a UK industry first. Both new and upgrading home broadband customers in the UK will not be billed the £18 monthly charge if they commit to an 18-month contract. Vodafone came late to the broadband party in the [...]
Marriott-Starwood merger delayed by up to 60 days by Chinese competition authority August 9, 2016 China's ministry of commerce has extended its antitrust review of Marriott International's takeover of hotel giant Starwood Hotels & Resorts Worldwide by up to 60 days. The competition authority requested an additional review period, known as phase three, to investigate the merger, the companies said in a joint statement. If the tie-up of the two [...]
How have bank share prices reacted to the Competition and Markets Authority’s (CMA) retail banking investigation? August 9, 2016 Investors were decidedly nonplussed by the Competition and Market Authority (CMA)'s recommendations for an "open banking" revolution in the UK's retail banking sector this morning. Share prices at London-listed organisations moved in most directions, with the big lenders slightly outperforming the market, but challengers heading both up and down – suggesting traders aren't convinced the CMA's work [...]
Four things you need to know about today’s CMA retail banking report August 9, 2016 The Competition and Markets Authority (CMA) has published its long-awaited final recommendations for the UK's banking sector. Since the probe first launched in July 2014, the competition watchdog has faced intense scrutiny from all sides, with smaller institutions hoping the CMA will break up the “Big Five” banks – RBS, Lloyds, HSBC, Santander and Barclays [...]
CMA puts plans for changes to account switching that could cost up to £10bn on the back burner August 9, 2016 The Competition and Markets Authority (CMA) has today released the final report on its retail banking investigation, with a big focus on making switching bank accounts easier for customers. One of the "more fundamental changes" to the switching process would be the introduction of account number portability (ANP), which would "mean that a customer would effectively take their [...]
How nine challenger banks reacted to the CMA’s report on current accounts August 9, 2016 Nine challenger banks including TSB and Metro Bank have slammed the findings of the UK's competition watchdog in its investigation into the retail banking sector, arguing the review has missed “a golden opportunity”. The Competition and Markets Authority (CMA) report, published this morning, called on banks to implement an “open banking” standard by 2018, allowing customers to monitor and access all [...]
West Bromwich Albion takeover: New owner Guochuan Lai promises to “maintain stable structure” of Premier League club August 5, 2016 West Bromwich Albion's new Chinese owner pledged to maintain the club's stable structure after completing a takeover of the Premier League team. An investment group headed by Chinese entrepreneur Guochuan Lai has agreed a deal to purchase the club from outgoing chairman Jeremy Peace and is now just waiting on Financial Conduct Authority (FCA) and Premier League approval. [...]
Focus On Archway: Will a new road system, public square and revamped tube station boost house prices in N19? August 4, 2016 Legend has it that when Dick Whittington was on his way out of London, he reached Archway, heard the peal of the Bow Bells and decided to return to the capital. Its reputation as a hinterland, a border, endured for centuries afterwards. Known originally as Highgate Archway – as in, the place you pass through [...]
Treasury committee chair Andrew Tyrie has warned government crowdfunding incentives may need to be reconsidered August 4, 2016 Senior Tory Andrew Tyrie has warned that tax incentives to invest in peer-to-peer lending may be dragging consumers towards inappropriate products. Treasury Select Committee chair Tyrie wrote to the Financial Conduct Authority in June to call for closer scrutiny of the market. And in a letter published yesterday, outgoing FCA boss Tracey McDermott admitted the [...]
Energy market regulator Ofgem responds to Competition and Markets Authority’s recommendations August 3, 2016 Ofgem, the gas and electricity markets regulator, has set out its plans to improve competition in the sector, which includes creating a database of customer details to ensure consumers are being offered the best energy deals – and putting a price cap on the amount paid by households using a prepaid meter. The Competition and [...]