Irish Competition Regulator Opens Study of Mortgage Market and Continues Other High-Profile Market Investigations
There has been a recent uptake in market-wide investigations by the Competition and Consumer Protection Commission ("CCPC"). While these developments are particularly relevant to mortgage, insurance and ticketing companies, they also act as a reminder to all companies of the CCPC's ability to open a general investigation of any market and to use its wide legal powers to compel the provision of information and witness evidence.
Mortgage Market Study
This week (20 February 2017), the CCPC announced a public consultation on its study of the Irish mortgage market. Interested parties may make submissions to the CCPC by 20 March 2017. This market study was mandated by the Government as part of its "Programme for a Partnership Government" and is the first of its kind mandated under Section 10(4) of the Competition and Consumer Protection Act 2014. The CCPC's objective is to identify any barriers to entry and effective competition, and the long list of questions in the public consultation shows that the CCPC is considering all possible areas where barriers could be identified. The output of the market study will be a CCPC recommendation of options for the Government to implement, most likely including legislative or regulatory changes, in order to enhance competition for the benefit of Irish mortgage...