The Competition and Market Authority (CMA) is looking for companies which are using big data to rip off vulnerable consumers after Greg Clark, business secretary, said he would trigger a far-reaching review into business practices related to big data, reported the Financial Times.
Mr Clark has asked Andrew Tyrie, head of the CMA, to advise him on an overhaul of Britain’s business regulation, for which he said he was ready to legislate. The business secretary said there were warning signs in the way companies had used personal data to exploit customers, such as energy groups imposing higher charges on loyal customers, who failed to shop around.
Lord Tyrie said the CMA had done “a lot of thinking” about how to reform Britain’s regulatory regime.
“The most effective competition bodies will be those that respond to the rapid growth in these new markets,” he said, adding that millions of consumers would enjoy greater choice thanks to technology, while others would still be vulnerable to “exploitation.”
Full Content: Financial Times
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI