-
£2 billion a year in savings achieved for consumers on average over the last 3 years
-
Record numbers of merger transactions scrutinised and record fines imposed on businesses for unfair or illegal practices
-
"The CMA punches well above its weight" says outgoing CEO
Its latest annual report published today includes research which shows that for every £1 spent, the Competition and Markets Authority generated at least a £22.50 benefit (significantly above the £10 target set by the UK Government) and saved an estimated £2 billion on average for consumers over each of the last 3 years.
The CMA also imposed a record level of fines as part of its crack down on anti-competitive behaviour over the last year. Over £400 million of fines have been imposed against businesses in the last year by the authority - the highest since the CMA's predecessor, the Office of Fair Trading, was established in 2000.
The last year also saw the CMA using powers returned to the UK after leaving the European Union to take action in important cases such as Google's removal of third-party cookies and NVIDIA's proposed acquisition of Arm. CMA will also further expand its remit if the newly created Digital Markets Unit is given statutory powers to oversee businesses online.
The annual report outlines the key activities undertaken by the CMA from April 2021 and March 2022, which included:
- Scrutinising a total of 827 mergers - up from approximately 600 last year - and the highest number considered by the CMA to date. This resulted in;60 Phase 1 merger cases and 10 Phase 2 investigations, in which 3 mergers were blocked due to competition concerns.
- Resolving 7 Competition Act investigations. Four infringement decisions saw £404.1m in fines imposed - the highest on record.
- Concluding 2 market studies which recommended ways to improve electric vehicle car charging around the UK and the provision of children's social care.
- Demonstrating the importance of travel firms respecting consumers' refund rights after taking Teletext Holidays and Alphrooms.com to court.
- Securing commitments from businesses across 7 investigations into consumer protection issues, including in relation to potentially unfair ground rents for leasehold properties and auto-renewals in antivirus software.
- Setting up the new Office for the Internal Market, which reported for the first time, helping ensure trade between Scotland, England, Wales and Northern Ireland continues to operate in the best interests of consumers and businesses.
- Publishing new consumer guidance and principles for businesses in areas including IVF treatment and misleading 'greenwashing' claims investigations.
Andrea Coscelli, the outgoing CEO of the CMA, said:
The CMA punches well above its weight as the figures show - saving consumers around £2 billion as a result of action we have taken on their behalf.
While this is my final annual report, it has been a privilege to lead a body that plays a vital role in ensuring businesses, big and small, act fairly. I thank colleagues who have worked hard and over the last year have broken records to secure a more competitive marketplace.
I'm proud to leave the CMA in a strong position and with an expanded remit. The new Office for the Internal Market, Subsidy Advice Unit and Digital Markets Unit are a real demonstration of our commitment to enforce fair and honest competition.
Notes
-
The CMA's annual report 2021/22 is published online and publicly available.
-
Andrea Coscelli is stepping down from the role of Chief Executive of the CMA at the end of the month.
-
Sarah Cardell, currently General Counsel at the CMA, will assume the role of Interim Chief Executive on 26 July.
-
All
