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Open Banking is here to change how you manage your money
After completing a review of the retail banking sector back in the summer of 2016, the UK Competition and Markets Authority (CMA) concluded that stagnation had set in. It found that hardly anyone switches banks each year, and the huge financial institutions don't put a lot of effort into retaining or competing for business. Among a number of reforms the CMA put into motion was "Open Banking," which requires all the big banks to make your financial data accessible in a standard format. The deadline to comply with the open banking initiative passed over the weekend, and several key names have missed the launch. It's now officially up and running, however, and it promises to completely change how you choose and use all kinds of financial services.
Airbnb helps you tell everyone why you left that dive early
Airbnb is changing its online reviews system so it's easier to leave feedback for a property you vacate before your stay is complete. Previously, the only way to do this was through Airbnb's customer service department, which is something most people probably can't be bothered to do. Now, if you leave the property early, you'll be able to leave a review as you normally would with a completed stay. This means you can give other Airbnb users a heads up if the property turns out to be a dump or the host is unnervingly creepy.
UK watchdog accidentally creates pager monopoly it was hoping to avoid
True story: Vodafone still runs a pager service, decades after the old-school equivalent of pop-up notifications fell out of fashion. And it's not even the only the company supporting this ancient tech, which is still used by a few businesses, doctors, emergency services and bird watchers, apparently. Capita also maintains a pager service and agreed to buy Vodafone's division and its roughly 1,000 customers in February. However, the Competition and Markets Authority (CMA) announced today that it has decided to investigate the merger, leading Vodafone to immediately abandon the sale and close down this part of its business altogether.
'Open banking' data will help Brits compare and switch accounts
Just as Ofcom is making it easy to switch broadband and mobile providers to inspire us to hunt for the best deals, the UK's Competition and Markets Authority (CMA) wants us to be similarly proactive about our bank accounts. Having completed a lengthy probe into retail banking, the CMA believes the secret to a more competitive industry lies in our data, and the sharing of it.
UK clamps down on online ads disguised as articles
Even the most robust ad-blocking software can't strip the internet of promotional material entirely. UK watchdog The Competition and Markets Authority (CMA) usually spends its time putting the kibosh on misleading ads, but recently it's also started turning its attention to more underhand marketing practices. Just last month, the regulator begun cracking down on fake online reviews, and today it announced it's now taking media companies to task over promotional articles and blogs -- aka sponsored content -- that doesn't clearly tell the reader they're essentially looking at an advertisement.
UK watchdog singlehandedly dismantles TfL's Uber sanctions
Uber's impact on the London taxi trade has been huge. The exponential growth of the ride-hailing service has caused anger and criticism among more traditional operators, particularly black cabbies, who argue lax regulations have allowed Uber to flourish unchecked. After a long-fought legal challenge, London's High Court recently ruled that the way Uber calculates fares is legal, and is not equivalent to taximeters reserved for black cabs exclusively. No sooner had that bullet been dodged than Transport for London (TfL) let another fly in the form of proposals to significantly overhaul private hire regulations, under the guise of improving passenger safety.
Sky uses stats to explain why BT and Openreach should split
It's no secret that Sky wants BT and Openreach split up. When Ofcom announced its new review of the UK telecommunications industry, the broadcaster said "structural separation" was vital to address what it perceives as a conflict of interest. Now that the investigation is underway, Sky has published its submission in full with a crucial recommendation: to upgrade the case to a "market investigation reference" with the Competition and Markets Authority (CMA). The company argues that the relationship between BT and Openreach is reducing competition and limiting providers like Sky with its inadequate service. Were the CMA to set up its own inquiry, it could, depending on the outcome, lead to a forced separation of BT and Openreach -- something both parties are keen to avoid.
