Andrew Tyrie to head Competition and Markets Authority

Andrew Tyrie, the former MP and ex-chair of the Treasury select committee has been named as the new chair of the Competition and Markets Authority (CMA), UK’s independent competition authority

Tyrie served as the chair of the Parliamentary commission on banking standards, whose recommendations for the reform of governance in major financial institutions are now being implemented. He was also chair of the liaison committee, the committee of select committee chairs, and chair of the Treasury select committee from 2010 to 2017.

Tyrie also has experience in finance and commerce including board roles in investment management and property firms, and as an advisor to the law firm DLA Piper.

Greg Clark, business secretary, said: ‘The CMA has a vital role to play in promoting competition and making markets work for consumers, businesses and the economy.

‘Andrew Tyrie is a proven consumer champion and competition advocate, with a strong record of independence as select committee chair, ideally suited to leading the CMA at this critical time.

‘I have no doubt he will make good use of his extensive policy, economic and financial experience to entrench the CMA post-Brexit as one of the world’s leading regulatory and enforcement bodies.'

In recent weeks there have been calls from MPs and others for the CMA to revisit the issue of competition at the top end of the audit market, after the select committee investigation into the collapse of Carillion raised questions about the continued dominance of the Big Four firms.

The regulator last looked at audit market competition in 2013, publishing an order in 2014 requiring FTSE 350 firms to put audits out to tender at least every ten years.

The post of CMA chair is subject to a pre-appointment hearing by the business, energy and industrial strategy select committee.

Separately, Sajid Javid, secretary of state for housing, communities and local government, has announced an independent review of the processes and procedures that underpin governance of the business rates system.

The review will be led by Andrew Hudson, who is former director general for public services at the Treasury, and a previous chief executive of the Valuation Office Agency.

Javid said: ‘As we move towards local government retaining 75% of locally collected business rates, it is vital that the business rates retention system operates as smoothly as possible. This review, led by an independent expert in this field, will ensure robust processes across the board.’

Report by Pat Sweet

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