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UK: New antitrust watchdog to rally for small businesses

By  |  June 19, 2013

A study to be conducted by the Office of Fair Trading will be used by the UK’s new competition regulator, the Competition and Markets Authority, once it commences operations later this year, to evaluate the banking industry and whether a lack of competition is negatively affecting the UK’s small- and medium-sized businesses. According to reports, the Competition and Markets Authority will review the OFT’s report to determine whether a full-scale probe should be initiated by 2015. Until the Competition and Markets Authority comes into effect, the OFT will be working with the Financial Conduct Authority as well as the Prudential Regulation Authority and the Bank of England. The regulator is also welcoming comments on the matter from small businesses. The OFT announced the plans on Wednesday.

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