After longstanding debate followed by a consultation launched by the Department for Business, Innovation & Skills (BIS) in March 2011, the new umbrella Competition and Markets Authority (CMA) has been brought in to reduce duplication of costs, increase confidence in the system, and, so goes the theory, create a more robust system.
Bringing together the Competition Commission and certain consumer functions of the Office of Fair Trading (OFT), the CMA, which will be established as a non-ministerial department governed by an independent board but accountable to Parliament, has been broadly welcomed by the legal profession.
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