Britain’s antitrust regulator won approval for new rules to fine companies that join cartels or violate other competition laws after suffering a series of court defeats in which its penalties were slashed.
U.K. banks may require a review by antitrust regulators to stoke sluggish competition and encourage retail customers to switch between financial providers, the head of the Office of Fair Trading said in a speech.
John Fingleton , chief executive officer of the Office of Fair Trading, was approached about becoming CEO of the Consumer Protection and Markets Authority and indicated he was not interested in accepting the job, Sky News City Editor Mark Kleinman said in a blog on Sky’s website , without attribution.
Reckitt Benckiser Group Plc was given a final fine of 10.2 million pounds ($16.6 million) by a U.K. regulator for halting supplies of a heartburn medicine to the National Health Service to block sales of a generic version.
Ryanair Holdings Plc, Europe’s biggest discount airline, is facing a full investigation of its 30 percent stake in Irish competitor Aer Lingus Group Plc after a U.K. regulator said the holding may lead to higher prices.
A BP Plc investor has sued the company’s board of directors on claims its pursuit of profits at the expense of safety led to the Gulf of Mexico oil spill that could cost the company billions of dollars.
Britain’s antitrust regulator said it’s preparing new guidelines for fining companies that join price-fixing cartels after several of its high-profile penalties were reduced by as much as 80 percent on appeal.