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New competition authority 03/04/2014 The Competition and Markets Authority began work this week as the UK’s primary competition and consumer agency.

New competition authority

The Competition and Markets Authority (CMA) began work this week as the UK’s primary competition and consumer agency.

Bringing together the Competition Commission with the competition and certain consumer functions of the Office of Fair Trading, the CMA has a range of new responsibilities and powers to ensure it meets its mission of making markets work well for consumers, businesses and the economy.

These include tighter timetables for investigations, a stronger role in ensuring competition in regulated sectors like financial services and energy, and a reformed legal framework for prosecuting individuals involved in criminal cartel activity.

The CMA’s mission is set out under five strategic goals:

  • Deliver effective enforcement
  • Extend competition frontiers
  • Refocus consumer protection
  • Achieve professional excellence
  • Develop integrated performance

“The establishment of the CMA represents a significant evolution and strengthening of the UK’s already well respected competition regime,” said David Currie, Chairman of the CMA in a speech at the European Consumer Summit in Brussels. “The single most important measure of how the CMA does its job will be the results that it achieves for consumers, and that will remain the key focus for us in everything that we do.”
 

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