The Digital Markets, Competition and Consumers Bill, enacted on May 24, 2024, establishes a new regulatory framework for digital markets, reforms UK competition law, and enhances the Competition and Markets Authority's powers, including imposing direct fines for consumer protection violations.
United KingdomAntitrust/Competition Law
The Digital Markets, Competition and Consumers Bill (the Act)
received Royal Assent on 24 May 2024. Tracing its roots back to the
2019 Furman Report, the long-awaited legislation establishes a new,
targeted regulatory regime for digital markets, presents broader UK
competition law reforms outside the digital space, and gives the
Competition and Markets Authority (CMA) much broader powers to
protect consumers (including the ability directly to impose fines
on businesses which infringe consumer protection legislation).
The legislation also finally puts the Digital Markets Unit
(DMU), established within the CMA in 2021, on a
statutory footing.
Sarah Cardell, Chief Executive of the CMA, said: "This
has the potential to be a watershed moment in the way we protect
consumers in the UK and the way we ensure digital markets work for
the UK economy, supporting economic growth, investment and
innovation".1
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