Business Secretary Vince Cable said:
"I am delighted to appoint David Currie as Chair Designate to the Competition and Markets Authority. The creation of the Competition and Markets Authority marks a very significant step forward in the development of the UK’s competition regime, building on the excellent work of the Office of Fair Trading and the Competition Commission. David will bring a wealth of regulatory experience and leadership to this role which will ensure the future success of CMA, and in turn help to ensure that the UK continues to lead the world in effective competition enforcement.”
Chair Designate David Currie said:
“I am honoured and delighted to be asked to be the founding Chairman of the proposed Competition and Markets Authority. I look forward to working with the first rate staff of the Office of Trading and the Competition Commission to create a world class unitary competition authority which will best serve consumers and business.”
Lord Currie will take up his four year appointment during the summer.
Notes to Editors
1. As first Chair of the CMA, David Currie will lead the organisational design of the new body and work closely with Government, the Office of Fair Trading (OFT) and the Competition Commission (CC) to ensure a smooth and effective transition. He will establish the CMA’s vision and strategic direction and play a central role in the appointment of its Chief Executive and Board.
2. The Chair’s appointment will be subject to the Enterprise and Regulatory Reform Bill receiving Royal Assent, and to scrutiny by the Business Innovation and Skills Select Committee.
3. The CMA Chair attracts a remuneration package of £185k per annum for a time commitment of three days per week.
4. David Currie was Chair of OFCOM from its inception in 2002 until 2009, Dean of Cass Business School from 2001 until 2008, and before that Deputy Dean at London Business School. He sits as a cross bencher in the House of Lords.
5. David Currie is currently Chair of the International Centre for Financial Regulation and a Board member of the Dubai Financial Services Authority. In addition he holds a number of non executive roles spanning academia, government and the voluntary sector.
6. Lord Currie is also a member of the Panel of Assessors appointed by the Prime Minister to assist Lord Justice Leveson in the Inquiry into the Culture, Practices and Ethics of the Press. Further information on the Inquiry can be found at www.levesoninquiry.org.uk.
7. David Currie will be stepping down from his current Non-Executive Directorships of Royal Mail, IG Group, and BDO. He will recuse himself from Dubai Financial Services Authority decisions in the unlikely event of a conflict with his CMA responsibilities.
8. The appointment was made on merit in accordance with the requirements set down in the Commissioner for Public Appointments Code of Practice. Political affiliation plays no part in the selection process, however, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity (if any declared) to be made public. David Currie has not declared any political activity.
9. The Government has announced its plans for the creation of the CMA in March 2012. It will bring together the CC with the competition and markets functions of the OFT to become a world-leading unitary authority, advocating competition both at home and abroad.
10. The Government recognises and values the close relationship between competition problems and consumer activities. The CMA will therefore have the OFT and Competition Commission’s full competition toolkit and consumer protection enforcement powers. It will have the power to tackle practices and market conditions that make it difficult for consumers to exercise choice in an otherwise competitive market.
11. The unified CMA will bring about significant benefits to business and consumers, including greater coherence, flexibility, speed and transparency in the operation of the competition regime.
12. The Government's economic policy objective is to achieve 'strong, sustainable and balanced growth that is more evenly shared across the country and between industries.' It set four ambitions in the ‘Plan for Growth’ (PDF 1.7MB), published at Budget 2011:
- To create the most competitive tax system in the G20
- To make the UK the best place in Europe to start, finance and grow a business
- To encourage investment and exports as a route to a more balanced economy
- To create a more educated workforce that is the most flexible in Europe.
Work is underway across Government to achieve these ambitions, including progress on more than 250 measures as part of the Growth Review. Developing an Industrial Strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the Government wants the economy to travel.
13. BIS's online newsroom contains the latest press notices and speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.