CMA publishes progress report on loyalty penalty
Industry News | 19/06/19
The Competition and Markets Authority (CMA) had published its response to the Citizens Advice super complaint on the ‘loyalty penalty’ in December 2018, making several cross-cutting and market-specific recommendations in the mortgages, cash savings and home insurance markets. It has now published an update on progress against its recommendations. The report states that work by regulators is underway in the five markets to look in more detail at the problems and how they can best be tackled. The CMA has set out a framework which gives clarity to businesses about the difference between healthy competition and unacceptable practices, alongside proposals to strengthen consumer law to tackle harmful business practices (such as unfair renewals). The CMA will publish a further update on progress at the end of the year.