Competition policy

摘要

A new competition agency, the Competition and Markets Authority (CMA), became fully operational in 2014. It took on many of the functions of the Competition Commission and the Office of Fair Trading (OFT), which are now closed. Some consumer advice and consumer protection functions of the OFT passed to the Citizens Advice service and Trading Standards Services, while the Financial Conduct Authority, which regulates financial services in the UK, took on regulation of the consumer credit industry. The CMA aims to bring greater clarity and efficiency to the UK's competition regime. Its workload is expected to increase considerably following the UK's departure from the EU.