The competition watchdog confirmed yesterday that it had been asked by the UK government to look into the impact of an exemption of lawyers and accountants from the new Competition Act, which came into force on March 1.
It said it was asked to investigate these two areas, which together are worth more than £25bn, because of their importance to consumers.
The inquiry is likely to focus on areas that keep fees artificially high.
First, rules that restrict entry to the profession, secondly, rules that prevent law or accountancy firms from advertising or competiting on price, and thirdly, laws which force people to use qualified professionals for certain activities.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel