Professionals face increased scrutiny

BANKS, insurers, lawyers and doctors will face increased scrutiny in a bid to bring benefits to consumers, the Competition Authority said yesterday.

Chairperson John Fingleton said a comprehensive approach to competition policy would boost the competitiveness of the Irish economy, adding the authority would aim to build on its performance last year.

Speaking at the launch of its annual report, Dr Fingleton said 2003 was the authority’s first full year of operation under new legislation governing competition and was a busy year as a result. The authority took over responsibility for supervising merger activity from the Department of Enterprise, Trade and Employment. It received notifications of 47 mergers during the year. Eleven of these related to mergers between media organisations.