CMA publishes final energy market reforms report, including more than 30 new measures designed to increase competition in the sector June 24, 2016 Energy firms may have to navigate more red tape in the future, after the Competition and Markets Authority (CMA) proposed more than 30 new measures this morning. Confirming provisional findings announced earlier this year, the CMA said that energy suppliers should be ordered to hand details of customers who have been on a default tariff for more [...]
CMA energy market report expected to attract a wave of criticism June 23, 2016 The culmination of a two-year investigation into whether the big six energy suppliers have been overcharging customers is expected to attract a barrage of criticism tomorrow. The Competition Market Authority's report is likely to endorse provisional findings released earlier this year, while recommending price caps on prepayment meters and the creation of a customer database to increase marketing [...]
City Moves for 23 June 2016 | Who’s switching jobs June 23, 2016 CMS Anna Burchner has been promoted to a partner in law firm CMS' London tax team. Anna has been a senior associate in the tax team since 2005 and is noted for her expertise in both international and domestic tax, particularly funds and financial services related work. She has significant experience on the tax structuring of high-value, multi-jurisdictional [...]
Icap offers up its oil desks to avoid Tullett deal probe June 21, 2016 Inter dealer brokers Tullet and Icap could avoid a lengthy probe into their merger, with the two firms proposing a sale of the latter's London-based oil trading desks. The Competition Markets Authority (CMA) said today that it has until 16 August to decide if this will be enough to address its antitrust concerns, or refer the merger for [...]
Big six energy giants set to avoid break up June 19, 2016 The six biggest energy companies in the country will avoid being broken up this week. The Competition and Markets Authority (CMA) is set to publish the findings of its two-year investigation in to the industry on Friday. The report is expected demand suppliers create a database of so-called disengaged customers, who have been on a standard [...]
The FCA’s new broom must act fast to revive confidence in the regulator June 16, 2016 Tonight Mansion House once again acts as host to the great and good of the City’s financial services fraternity. Amid inevitable chatter about the EU referendum vote and darkening global economic clouds, attention will turn to the imminent changing of the guard at the Financial Conduct Authority. Almost a year has passed since its first [...]
Hollywood Bowl strikes for £280m London IPO June 15, 2016 Hollywood Bowl Group, the UK's largest 10-pin bowling operator, will float on the London Stock Exchange next month in a deal valuing it at around £280m. The group, which runs 54 bowling centres around the country, has been striving to modernise the popular pastime with Americana-themed diners, licensed bars and interactive scoring systems that "customers didn't even know they wanted". Steve [...]
CMA takes over investigation of energy price comparison websites June 14, 2016 Britain's competition watchdog is looking into whether energy tariff comparison websites' use of paid-for online search advertising breached competition law. The investigation was passed onto the Competition and Markets Authority (CMA) by energy regulator Ofgem after it found employees staff and representatives had previously expressed concerns to some of the parties under investigation. The CMA expects to make a decision [...]
Poundland faces profit plunge after delayed takeover of 99p Stores last September June 12, 2016 Discount retailer Poundland might need a few quid as it braces for a plunge in profits this week. The company’s full-year results have been dragged down by its delayed takeover of high-street rival 99p Stores. Earnings per share are forecast to fall almost 43 per cent, from 15.01p to 8.58p per share, when the company [...]
Recently listed CMC Markets lures in the traders to boost its profits; as chief executive Cruddas waves away Brexit “scare mongering” June 8, 2016 Recently listed CMC Markets proved it was quite a catch for traders in its results for its year ended in March, with trading activity significantly increasing. The figures The derivatives dealer revealed that its profit before tax had grown to £53.4m, up 23 per cent on the prior year's £43.5m. Meanwhile, net operating profit increased [...]