Andrew Tyrie has set out his pitch to government for greater powers to compel businesses to tackle the public “erosion of trust” in business and markets, reported the financial Times.
Speaking at an event in London, Lord Tyrie said the Competition and Markets Authority should have a statutory duty to ensure the interests of consumers are “paramount”, and to speed up its response to complaints. The CMA’s chair, who took up the role last year, added there was a growing sense among the public that consumers, particularly vulnerable ones, were being “poorly served by those charged with making the economy efficient and competitive”.
The regulator wants the power to compel businesses to stop practices it believes to be illegal without having to go to court to enforce competition law. It also wants the ability to impose remedies without having first to prove competition has been damaged by businesses, and to make such remedies at an earlier stage.
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