NAO has published its report on the UK competition regime. It finds that the newly-created CMA has made significant progress in improving how the UK’s competition regime works and its coherency. Business awareness of competition law, however, is low and the regime has so far not produced a substantial flow of enforcement decisions or fines. It concluded that the competition regime is placing an emphasis on market investigations, with implications for the regime as a whole, and that CMA’s ability to present a credible market analysis and formulate effective remedies will have a significant effect on its reputation. The report noted the historical difficulties in identifying anti-competitive practices in the financial services industry.  (Source: NAO Reports on UK Competition Regime)