The Competition and Markets Authority (CMA) has recently published a Memorandum of Understanding (MoU) that it has entered into with the FCA on the use of concurrent powers under consumer protection legislation. This MoU replaces the previous MoU entered between the two authorities in June 2014.
The authorities aim to cooperate proactively in matters of common interest and prevent the duplication of work. The MoU sets out the role of each authority and explains their intentions to work together to make financial markets work well for consumers. It also includes working arrangements between the CMA and the FCA in relation to their concurrent powers to enforce the following consumer protection legislation in the UK financial sector:
- Consumer Rights Act 2015 and the Unfair Terms in Consumer Contracts Regulations 1999.
- Legislation enforceable under Part 8 of the Enterprise Act 2002 (including the Consumer Protection from Unfair Trading Regulations 2008).