Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Penrose Report: Power to the People: Stronger Consumer Choice and Competition
UK Government | Feb 16, 2021
An independent report by John Penrose MP on ways to improve consumer protection and promote competition.
Digitisation is transforming almost everything for the better, by making things cheaper, faster and more convenient. But there are downsides to these otherwise wonderful changes, caused by firms with enormous new network and digital data monopolies, which hurt customers in several ways.
See: U.S. and States Say Facebook Illegally Crushed Competition
Most of our existing consumer-protection rules already work well enough and don’t need to be changed. But there are three important gaps where post-Brexit Britain’s legal framework still allows consumers to be ripped off, and where our protections need to be stronger:
- Loyalty penalties and price discrimination, where people are charged different prices forthe same things.
- Rip-offs hidden in the small print of long and complicated contracts that no-one has timeto read.
- ‘Nudging’ people the wrong way (called ‘sludge’)."
See:
Monopoly-Friendly Canada ‘Does Not Treat Competition Policy Seriously’
Nov 20, 2017: NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector
Building on the government’s existing competition policy direction, as the UK looks to forge new relationships with the EU and other international partners, how can the UK’s competition regime best:
- Play a central role in meeting the challenges of the post COVID-19 economy and in driving the recovery?
- Contribute to the government’s aim of levelling up across all nations and regions of the UK?
- Increase consumer trust, including by meeting the 2019 Manifesto commitment to tackle consumer rip offs and bad business practices, and by ensuring the competition regime operates in a way which is strong, swift, flexible and proportionate?
- Support UK disruptors taking risks on new ideas and challenging incumbents?
- Make best use of data, technology and digital skills which are vital to the modern economy?"
Download the Power to the People Penrose report (70 page PDF) --> here
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