UK: competition in the audit market - OFT update

Earlier this year the Office of Fair Trading provisionally decided - see here - that there were competition problems in the audit market (e.g., features of the market that restrict, distort or prevent competition) which met the statutory test for a referral to the Competition Commission under Section 131 of the Enterprise Act (2002). At this time the OFT stated that it had not made a final decision whether to make such a referral because it needed to decide whether there was a reasonable chance that there would be appropriate remedies available to the Commission. The OFT has since stated - see here - that its provisional decision regarding a referral, together with a consultation paper, will be published later this month or next month.