UK passes Digital Markets, Competition and Consumers Bill
On 23rd May, the Digital Markets, Competition and Consumers Bill was passed in Parliament. It is currently awaiting Royal Assent. As the UK Government explains, the Bill was introduced
to crack down on rip-offs, protect consumer cash online and boost competition in digital markets.
Most importantly for us, the new Act gives more powers to the UK's monopoly regulator, the Competition and Markets Authority (CMA):
The CMA will be able to directly enforce consumer law rather than go through lengthy court processes…
As part of the Bill, a Digital Markets Unit (DMU) within the CMA will be given new powers to tackle the excessive dominance that a small number of tech companies have held over consumers and businesses in the UK…
For example, the biggest tech firms may be instructed by the DMU to provide more choice and transparency to their customers. If firms don’t abide by these rules, the DMU will have the power to fine them up to 10% of their global turnover.
OWA looks forward to continuing working with the CMA to bring about a fairer competitive landscape so that smaller British companies can serve their consumers as they wish to, rather than as Tech giants dictate.
Update 28 May: CMA opens consultation on digital markets competition regime
The next working day after the DMCC became law, the CMA announced an Open Consultation on digital markets competition regime guidance which runs until 11:55pm on 12 July 2024. Let them know what you think; they're listening.