CMA is consulting on a change to the draft order on motor insurance, under which it will:
- ban agreements between price comparison websites and insurers that mean insurers cannot sell their products more cheaply elsewhere; and
- ensure consumers have better information on the costs and benefits of no-claims bonus protection.
It now proposes to extend the time for implementation of the second remedy to August 2016. It asks for comment by 9 March. (Source: CMA Consults on Motor Insurance Order)
CMA to tender for market investigation research: As part of its retail banking market investigation, CMA has invited comment on its intention to tender for international research into:
- the extent of innovation in the UK retail banking market compared to other countries; and
- the potential impact of ongoing and future innovations in the UK retail banking market, and the possible implications for competition,
by reference to international comparisons. CMA expects the research to cover:
- digital banking, to include studying the impact of different levels of digital banking penetration as well as the impact of specific innovations in how banking services are delivered;
- new participants/business models, which might include payments and data analytics innovators, alternative forms of small and medium-sized enterprises' lending and the provision of new types of related services; and
- innovations in the provision of retail banking IT platforms, such as the availability of standardised (‘bank in a box’) solutions.
CMA has issued an invitation to tender and intends to make its appointment from the tenderers by 20 March. (Source: Invitation to Comment on Intention to Tender for International Research)