Andrew Tyrie criticises CMA retail banking review November 4, 2015 The chairman of an influential parliamentary committee has sharply criticised the Competition and Markets Authority (CMA) over its retail banking probe, accusing the competition watchdog of "downplay[ing] the problems created by free-in-credit banking". “The public have concluded that they have been ripped off by banks for years, and there is a good deal of evidence [...]
EU competition watchdog slams brakes on O2 merger with Three October 30, 2015 The EU’s competition watchdog has slammed the brakes on a proposed merger between O2 and Hong Kong investment group CK Hutchison, a takeover which would create the UK’s biggest mobile operator. The European Commission is launching an in-depth investigation of Hutchison’s proposed takeover over competition concerns. CK Hutchison, owned by Asia’s richest man Li Ka-Shing, [...]
BT’s share price rises after it reports adjusted pre-tax profits rise 15 per cent for the first half of the year as new customers are added October 29, 2015 BT added a record number of television customers in the second quarter, reporting a 15 per cent rise in adjusted pre-tax profits for the first half. BT's share price rose 0.8 per cent in early trading on the news. The figures BT reported adjusted profit before tax of £642m for the three months to the end [...]
FTSE 100 Index: Gold glitters and BT gets a good call to lift – London Report October 29, 2015 Gains in gold mining stocks and at BT helped to lift the FTSE 100 back towards the two-month highs it reached towards the end of last week. Pharma giant GlaxoSmithKline also climbed 3.88 per cent after it posted better-than-expected earnings. Randgold and Fresnillo were the best-performing stocks on the blue-chip index, which climbed 1.1 per [...]
BT share price rises after EE merger “provisional” thumbs up from Competition and Markets Authority October 28, 2015 BT shares opened six per cent higher this morning, after the telecoms giant was given a provisional thumbs up from the Competition and Markets Authority (CMA) on its £12.5bn bid to buy EE. The regulator said the deal is "not expected to result in a substantial lessening of competition in any market in the UK". CMA's inquiry chair John Wotton [...]
A watchdog must do more than bare teeth October 23, 2015 It's little surprise that two of the City’s fiercest watchdogs avoided banker-bashing rhetoric at Mansion House last night. Tracey McDermott and Andrew Bailey were, after all, speaking to around 300 financial sector workers at this year’s City Banquet hosted by Lord Mayor Alan Yarrow. Both followed one of the primary rules of public speaking – [...]
Financial Conduct Authority boss Tracey McDermott assures City firms on future regulation October 22, 2015 The head of the UK’s financial watchdog tried to reassure City firms last night that the thousands of pages of regulation that have been heaped on them since the financial crisis would not be added to substantially over the coming years. At an annual London dinner of regulators and finance workers tonight, Tracey McDermott, acting chief [...]
Industry groups split over new report from CMA on retail banking sector October 22, 2015 Multiple industry groups have hit out at the Competition and Markets Authority (CMA)’s provisional recommendations for the retail banking sector, saying “more needs to be done”. British Chambers of Commerce (BCC) director general John Longworth said businesses will be “disappointed” with the CMA’s proposals, accusing the competition watchdog of “effectively endorsing a status quo that [...]
Challengers say CMA retail banks review does not go far enough October 22, 2015 Bosses at Britain’s smaller challenger banks are questioning the Competition and Markets Authority (CMA), saying that watchdog’s latest report “does not go anywhere near far enough” in boosting competitiveness in the retail banking sector. TSB chief executive Paul Pester said the CMA’s provisional findings, first published this morning, were a “solid first start” but there [...]
Andrew Tyrie slams CMA over free banking “con trick” October 22, 2015 A leading Tory MP has slammed the new Competition and Markets Authority (CMA) report on retail banking, saying its conclusions are “going to take a lot of justifying”. Andrew Tyrie, who chairs the Treasury Select Committee, said free-if-in-credit (FIIC) accounts are a “con trick” and it was “disappointing” that the CMA decided not to end [...]