Remedies in consumer markets

Remedies in consumer markets

The Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA) have published a joint paper on remedies in consumer markets.

The paper follows a work programme by the UK Competition Network (UKCN) and sets out how demand-side issues can produce poor consumer outcomes.  It examines the importance of testing remedies that are designed to address such problems.

The paper provides high-level principles on remedies development including understanding the nature of the problem, being bold, letting the consumer remain in control, leveraging from private sector experience and review of effectiveness. The paper also notes that good analysis is not enough to secure good consumer outcomes.  It recognises challenges and opportunities for the future posed by the digital economy.

Echoing similar themes, the FCA has published a speech by its Executive Director of Strategy and Competition, Chris Woolard setting out how the authority tests its market interventions.

CMA and FCA paper "Helping people get a better deal: Learning lessons about consumer facing remedies"

Speech by Christopher Woolard, Executive Director of Strategy and Competition at the UKCN conference, 1 October 2018.