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Retail banking market investigation: the latest
The have been some developments lately in the retail banking market investigation that’s being conducted by the Competition and Markets Authority (CMA).
Since 2016, the CMA has been looking into the supply of personal and current accounts to small and medium-sized enterprises (SMEs). The investigations were launched off the back of concerns that there was a lack of effective competition in the sector, arising from two studies prior conducted by the CMA. Working with the Financial Conduct Authority (FCA), measures have been taken to improve competition in this multi-billion-pound sector.
Here’s the latest.
Berkshire residential estate agents competition case
Here’s the latest news involving the Competition and Markets Authority (CMA) investigation into alleged competition infringements involving Berkshire residential estate agents.
The investigation was launched in early 2018 on the basis that the CMA suspected that there may be infringements of important competition law. In June last year, the CMA issued a formal statement of objections to four estate agents with allegations of breaches, and a settlement was reached with two agents in October. More fines were then issued at the end of last year.
In the often-volatile property market, competition law breaches that leave buyers and sellers paying more simply cannot go unpunished.
Roll-over contracts for online gaming investigation
Last April, the Competition and Markets Authority (CMA) initiated an investigation into roll-over contracts for online gaming.
The online gaming sector has grown exponentially in recent years, with at least one console a staple in most modern houses these days, I would assume. The monetisation of online gaming has led to more purchase options for the consumer, so the costs of being involved in online gaming is something that should be carefully considered.
In the same way that the CMA has been looking into contract factors for things like broadband and telecommunications, they’re also keen to know if the online gaming sector is being fair. As this is just the initial investigation stage, no assumptions are being made as to whether important laws are being broken or not.
Latest in the funeral directors market investigation
The funeral directors market investigation that’s being conducted by the CMA (Competition and Markets Authority) remains ongoing.
In terms of the latest happenings and goings on, here’s a brief update based on information from the CMA about the progress of their important work in this sector.
It goes without saying that this is another important investigation for the competition regulator. People are in obvious need of funeral and crematorium services, and the need for such services will likely increase with population growth.
The musical instruments and equipment investigation
The musical instruments and equipment investigation is a matter that’s currently being conducted by the Competition and Markets Authority (CMA).
The market for musical equipment and instruments has grown exponentially in recent decades. There’s now far greater access to instruments at more affordable prices, and the materials available online for people to learn to play are vast. So many youngsters want to be in bands, and it’s great that there’s such an appetite for musical creativity.
But the CMA has been looking into another side of the sector, and it’s one where foul play is being suspected.
Provisional finding in drug price hikes case
The UK’s competition regulator has made a provisional finding in the longstanding investigation into drug price hikes, and the outcome is damning.
Issues surrounding pharmaceutical competition breaches are numerous and serious. At the end of the day, the consumer in these cases is patients and the NHS; that’s our tax money.
Any infringement of vital competition laws when it comes to medical matters should always lead to significant punishments, and the work of the CMA (Competition and Markets Authority) in this area is incredibly important. The provisional finding in this matter accompanies an admission from one of the companies involved as well.
Most favoured nation clauses in price comparison websites sector
As it has been a while since we looked at this one, here’s the latest in the investigation into alleged most favoured nation clauses in the price comparison website sector.
The investigation that’s being carried out by the Competition and Markets Authority (CMA) is over the alleged use of such clauses for price comparison websites in relation to insurance products. The term “most favoured nation” originates from international trade agreements, whereby more favourable trade terms have been used between countries who favour each other more. In terms of competition law, it’s about contractual provisions whereby a seller may provide their best terms specifically to a particular buyer.
Such behaviour can restrict and distort competition, which is why it’s important for the CMA to look into it.
Precast concrete drainage products supply investigation: latest
The CMA (Competition and Markets Authority) has issued an update in the investigation into the supply of precast concrete drainage products.
The civil investigation has been ongoing since 2016 and a number of actions and steps have been taken in the three years since it was commenced.
This month, an important development has been announced which involves fines in the tens of millions for companies who have reportedly been engaging in cartel behaviour for a number of years.
Regulators target fake and misleading online reviews
The CMA (Competition and Markets Authority) is targeting fake and misleading online reviews because of the unfair impact it can have on competition within markets.
Nowadays, where most things can be bought and sold online, so can testimonials for products and services, and it’s this practice that the CMA’s aiming to stop. With how much influence the statements of other customers can have when it’s never been easier to shop around quickly, it seems that some companies are prepared to try and influence consumer choice with the power of fake reviews.
At the same time, it can be just as easy for someone to pay for bad reviews to hit one of their competitors as well.
Supply of construction services competition investigation
The investigation started by the CMA (Competition and Markets Authority) earlier this year into the supply of construction services is now set to proceed.
The decision looks to have been made after an initial information gathering exercise that has been carried out since March this year.
Given the scale of this industry, it’s another important when it comes to ensuring that there’s healthy competition in place that allows consumers to pay fair prices. Not only is competition important for keeping prices down, but it also allows players in the market to innovate in terms of efficiency and lowering costs for both products and services alike.
This can all benefit the consumer.