Competition watchdog tightens powers

Industry News | 26/02/19

Serious breaches of consumer laws and boards could see company directors being disqualified, under new proposals put forward by the Competition and Markets Authority (CMA). Lord Tyrie, the regulator’s chairman, has outlined a plan to extend the watchdog’s reach, citing ‘the rise of the digital economy leading to new forms of consumer detriment’. In a 44-page letter to Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy, Mr Tyrie suggests a new statutory duty to make the economic interests of consumers ‘paramount’, as well as the implementation of a statutory requirement to undertake CMA investigations swiftly.

Source: UK Finance