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Competition rules must continue to evolve with emergence of digital platforms | |
admin | |
2019-07-18 | |
发布年 | 2019 |
语种 | 英语 |
国家 | 英国 |
领域 | 气候变化 |
正文(英文) | Press release Competition rules must continue to evolve with emergence of digital platformsCompetition rules need to change to prevent potential new forms of consumer harm, Business Secretary Greg Clark said today.
Competition rules must change as platforms and big data are disrupting the basic plumbing of markets – and despite the huge benefits they have brought, sometimes create new forms of harm, especially for ordinary consumers, Business Secretary Greg Clark said today, Thursday 18 July. Speaking at the Social Market Foundation in London, Mr Clark said that ensuring retail markets in utilities “consistently work in the interest of all households” also presents “unfinished business” for government, competition authorities and regulators. The Business Secretary said strengthening the role and remit of the Competition and Markets Authority (CMA) will be crucial to ensuring that consumers are protected and that new digital markets and big data work in the interest of all households. He said:
His comments came as the government set out its Strategic Steer for the Authority, published today, on the independent role it must play in championing consumers. Greg Clark praised the CMA in highlighting the “loyalty penalty” faced by many consumers, saying:
He warned of the consequences of markets with limited competition. He highlighted the particular issues of the audit market, dominated by the “big four” companies. Recent reports have shown the concerns that have been raised about the quality of audits, including for some of the largest audit firms. Mr Clark announced a consultation of the CMA’s “powerful and compelling package of recommendations” to reform the audit market. The Business Secretary said:
He also announced the appointment of Sir Jonathan Thompson as the new CEO of the Financial Reporting Council (FRC), who, along with the other new members of the leadership team will take the organisation through its transformation to the new Audit, Reporting and Governance Authority, in line with the recommendations of the FRC Review. Sir Jonathan will be stepping down as Chief Executive of HM Revenue and Customs (HMRC) to take up this new role in the Autumn. Notes to editorsStrategic SteerThe government has today published its Strategic Steer to the CMA, which recognises the independent role it must play in championing the interests of consumers by ensuring competitive markets drive through more choice, fairer prices and innovative products. The government also encourages the CMA to take a bold approach to enforcement to tackle anti-competitive behaviour and unfair trading, now and after the UK leaves the European Union. While the CMA has a robust range of powers, the emergence of digital markets presents new challenges. Reforms to the CMA may be needed to ensure public confidence as we move to a digital economy and these will be consulted on in due course. Competition Law ReviewThe government has also published a review which looks at the effectiveness of competition enforcement and changes made to the competition regime by the Enterprise and Regulatory Reform Act 2013, which created the CMA. The Competition Law Review finds that the direction of travel is broadly positive. More competition cases are being opened, merger reviews and market studies are being brought to conclusion more quickly, and stakeholder views suggest a good degree of confidence in the regime. The report notes that we need to consider how well-equipped the UK’s competition framework is to respond to current and future competition challenges. In its upcoming Competition Green Paper, the Government will take a wide-ranging look at the institutions, powers and tools that promote and enforce competition in the UK. Audit ReformThe Government has set out plans to bring forward significant reforms that deliver a competitive and resilient audit market following recommendations from the CMA. Among other things, the CMA suggested that the government should:
A consultation, launching today which will run for 8 weeks, will seek views on recommendations made by the CMA to improve competition and resilience in the audit market. It will close on 13 September. Sir Jonathan Thompson has been appointed as new CEO of the Financial Reporting Council – this important appointment will lead the organisation in its transformation to the Audit, Reporting and Governance Authority. Sir Jonathan is currently Chief Executive and First Permanent Secretary of HMRC. He has been with the organisation since April 2016. Behaviour & Insights Research – Terms and Conditions guidance for businessesThe government has today published new research which shows companies how the use of simple Q&As, graphics and icons in their contractual terms can improve consumer understanding. Making policies clear and easy to understand will help build customer trust and protect brand reputation. The research includes a number of key findings which the government is urging businesses to implement as good practice:
Published 18 July 2019
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URL | 查看原文 |
来源平台 | GOV.UK - Department for Business, Energy & Industrial Strategy |
文献类型 | 新闻 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/216348 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | admin. Competition rules must continue to evolve with emergence of digital platforms. 2019. |
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