The CMA published its annual plan for the year 20/21 today.
The plan sets out the following 6 key objectives for the coming year:
- Protecting consumers, including in particular those in vulnerable circumstances
- Improving trust in markets
- Tackling concerns in digital markets
- Enhancing productivity and economic growth
- Climate change – supporting the transition to a low carbon economy
- Taking on new responsibilities as a result of the UK leaving the EU
From a financial institutions perspective, the following is specifically mentioned:
- the CMA are looking to strengthen their legislative remit to empower them to take more interventive action when consumer detriment is identified; and
- a further update on their work on the loyalty penalty should be expected in summer 2020.
However, it may be that the other workstreams might also impact financial institutions such as the impact of climate change on the UK economy and the supervision of technological advances.