Board named at new watchdog

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PLANS to create a beefed-up competition authority for the UK moved a step closer yesterday after the team of non-executive directors who will make up its board was named.

The directors of the soon to be created Competition and Markets Authority (CMA) include Lloyds non-executive Carolyn Fairbairn who also served on the board of the Financial Services Authority.

Roger Witcomb, chairman of the Competition Commission, has been appointed as chair of the CMA panel.

The CMA, which will be launched in shadow form in October, will bring together the Competition Commission and key consumer responsibilities from the Office of Fair Trading.