The English regulatory system comprises a number of different laws and regulations that work together to protect consumers and businesses. These laws cover areas such as competition, financial services, data protection, and consumer rights. The English regulatory system is designed to promote fair and competition, and to protect consumers from unfair or misleading practices. The regulatory system in England is made up of several bodies, each with their own area of responsibility. These bodies include the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA), the Office of Fair Trading (OFT), and the Consumer Protection From Unfair Trading Regulations 2008 (CPUTR). Each of these organizations has a different role to play in protecting consumers and businesses, and they work together to ensure that the English regulatory system is effective.
The CMA is responsible for ensuring that businesses compete fairly with each other, and that consumers are treated fairly by businesses. The CMA can take action against businesses that engage in anticompetitive practices, or that mislead consumers. The CMA can also investigate mergers and acquisitions to ensure that they will not lead to reduced competition.
The FCA regulates financial services in England. The FCA’s main aim is to protect consumers from unfair or misleading practices by financial services firms. The FCA also works to promote competition in the financial services sector, and to make sure that financial markets work well. It is an independent body, and is funded by fees from the financial services industry. The FCA is supervised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
The OFT was an independent body that enforced consumer protection laws and promoting competition in markets. The OFT was abolished in April 2014, and its functions were taken over by the CMA and the FCA.
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