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UK: New Competition and Markets Authority gets first assignment

By  |  March 7, 2014

The incoming Competition and Markets Authority, which is set to begin operations next month and combine the current Office of Fair Trading and Competition Commission, has announced its first assignment: small business loans.

Reports say the CMA is set to launch a formal investigation into the small business lending market to continue with the OFT’s efforts in the industry. The OFT launched a study last year and found that the CMA should conduct a full-scale investigation.

The CMA’s probe would coincide with the Treasury Select Committee’s own investigation of the industry, say reports. Concern arose following revelations from the OFT’s study that found small businesses were forced to take out current accounts to qualify for a loan. Lenders had vowed not to do so in 2002, say reports.

Full Content: Independent

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