Latest in the statutory audit market study
The statutory audit market study was launched in October 2018, and we’re set to know more about the outcomes toward the end of this year.
This is a key market sector where the CMA (Competition and Markets Authority) has raised a number of concerns that they’re looking into. Despite previous improvements in the sector that appear to have strengthened competition, Deloitte, E&Y, KPMG and PwC reportedly remain the “go-to” auditors for the majority of large companies.
There’s also a concern as to whether there’s a lack of incentive to produce challenging reviews in terms of the performance of the companies as well.
Online hotel booking investigation update
Here’s the latest in the Competition and Markets Authority (CMA) online hotel booking investigation that has been focused on consumer law compliance.
The initial investigation was launched back in October 2017, with enforcement action taken in June 2018. It’s an important one given the breadth of the online hotel booking market, and how confusing it can be. Competition in this key sector should always be healthy, and any infringements of the law cannot go unpunished.
We’re pleased to see that the latest developments in the online hotel booking investigation has seen undertakings agreed by numerous parties involved.
Brief update in the hypothyroidism tablets competition case
A brief update has been issued in the hypothyroidism tablets competition case surrounding alleged overcharging of liothyronine medication.
The liothyronine tablets are used to treat people lacking in thyroid hormones, which can lead to tiredness, slow metabolism, depression and other ailments. The CMA (Competition and Markets Authority) spent a great deal of time in 2017 gathering evidence for the case. In November 2017, a statement of objections was formally issued.
Last month, an updated statement of objections was issued by the CMA in this incredibly important investigation.
Deadline set for the investigation into funeral costs
The deadline has been set for the investigation into funeral costs that appear to have soared in recent years.
We should know by May 2019 whether any further action is to be taken. This could be a formal investigation into whether breaches of consumer law is taking place, or additional studies of the market and its workings.
To point out the obvious, we’re all going to die at some point. Given that dying comes with costs, this is an important sector when it comes to healthy competition and consumer protection. That’s not just because the industry is worth billions, or the fact that it’s usually a sad time for many, but also because there’s always going to be a market for it (we assume!).
CMA initiates court action against Care UK
There’s been a huge development in the care homes consumer protection case. The Competition and Markets Authority (CMA) has initiated court action against Care UK.
We recently blogged about the developments in the care homes consumer protection case where pre-action letters had been sent. Now, they have proceeded with court action against Care UK.
The reason for the court action is because the CMA isn’t satisfied with the response from care UK following the investigations. Although they’ve stopped charging administration fees that the CMA had deemed to be breaking consumer protection laws, they haven’t agreed to refunds. The CMA has taken issue with their stance.
Crackdown after social media influencer investigation
A crackdown has been launched after a social media influencer investigation raised concerns that some product endorsements may be breaching vital competition law.
The Competition and Markets Authority (CMA) has reportedly written to a number of high-profile celebrities about their social media influencing habits. As a result of the warning letters, some social medial influencers have promised to clearly state if they’re being rewarded for endorsing products. Among those who have made the formal commitments are singers Rita Ora and Ellie Goulding.
We welcome this move and the cooperation of those involved so far.
Pharmaceutical competition investigation extended
The pharmaceutical competition investigation has had a key deadline extended this month. The time being allowed for the analysis of information has been moved.
The ongoing pharmaceutical competition investigation is an important one. The Competition and Markets Authority (CMA) is looking into potential breaches of important competition law. Specifically, they’re looking at two different generic pharmaceutical drugs and whether there are illegal anti-competitive agreements and conduct in place.
This is an important sector when it comes to healthy competition. Any breaches need to be severely punished.
Investigation into financial services sector for suspected anti-competitive practices
The CMA opened an investigation into the financial services sector for suspected anti-competitive practices at the end of last year.
The investigation has only just begun, so no assumptions are made as of yet. The particular companies who may be of interest in the investigation are yet to be named, and it’s the initial information-gathering stage that has begun.
The financial services sector is a huge one, so healthy competition is important. Any breaches of the law will need to be punished accordingly.
CMA secondary ticketing investigation updated
There has been another update in the CMA secondary ticketing investigation following on from the recent court action against Viagogo.
As of yesterday, the CMA (Competition and Markets Authority) demanded that a number of the big players in the secondary ticketing market must have improved their business behaviour. This ongoing investigation and review is hugely important given the growth in touts and overcharging. This is among practices that have arguably made pricing unclear, with the consumer not being protected by the market players.
The changes that the CMA are pushing through should help to defend the consumers against unfair practices. It should ensure consumer rights are not infringed and should enforce the ticketing companies to act more responsibly.
Latest in the care homes consumer protection case
The latest update in the care homes consumer protection case is a big one. Letters before action have been issued against Care UK.
According to the latest from the Competition and Markets Authority (CMA), a letter before action has been sent to Social Care Holdings Limited and Care UK Community Partnerships Limited. Together, they make up ‘Care UK’.
The reasons for the latest action comes are a period of consultation and a lack of undertakings being provided.