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MPs hear CPMA should have competition objective

The Consumer Protection and Markets Authority should have a statutory objective to promote competition, according to the Office of Fair Trading.

Giving evidence to the Treasury select committee last week, OFT chief executive John Fingleton said the move would be consistent with the Government’s intentions for the CPMA.

He said: “The CPMA should have a top-line objective to promote competition. In other words in setting its rules, in thinking about how it regulates the industry it should think about promoting competition. It would be consistent with the intentions of the Government that the CPMA should be a consumer and market-facing regulator.”

Fingleton has been tipped as a contender for the top job at the CPMA.

He said the merger between Lloyds and HBOS “became a juggernaut that was difficult to stop” and it was a mistake not to refer it to the Competition Commission.
He said: “We would have obviously preferred if they had used the reference to the Competition Commission. I think it was a mistake not to.”



Advisers will need annual certificate

Retail investment advisers will need a statement of professional standing in order to give independent or restricted advice from January 2013. In its final rules on professionalism, published last week, the FSA says the SPS will provide customers with evidence that the adviser subscribes to a code of ethics, is qualified, and has kept their […]


Govt tightens up on firms buying mortgage books

Homeowners whose mortgages are sold by their lender to an unregulated firm will have additional protection as part of a package of measures to improve consumer protection in the mortgage market. The Government has announced today measures to ensure consumer protections are maintained when a mortgage book is sold by a mortgage lender to an […]


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