Britain’s Competition and Markets Authority said removing 23 market remedies would reduce unnecessary business burdens, while it partly removed two others and continued reviewing two more.
The decision, published Nov. 4, covers 31 remedies: 23 were removed in full, two were partly removed and six were retained. The CMA linked the expected reduction in business burdens specifically to the 23 full removals.
The authority reviewed 33 existing remedies it had identified as potentially unnecessary. It said changes in laws and regulations may mean some requirements are no longer needed to address the competition problems they were created to tackle. The final decision followed consultation on a provisional plan published in August.
The CMA said remedies can improve competition, but complying with them requires resources from businesses. The authority or other public bodies must also spend resources monitoring them. Its review considered whether requirements remain needed and whether they make effective use of those resources.
Two proposals to change rules governing retail banking and private motor insurance remain under consideration. The CMA is weighing consultation responses on possible partial removals and said it received a range of views on the proposals.
The authority said its approach is to keep requirements that still address their original competition concerns and remove those it considers unnecessary. It plans to provide an update on the two orders later in November.
