In-depth inquiries into the regulation of major industries are conducted by which authority?

The Competition and Markets Authority (CMA) is the authority responsible for conducting in-depth inquiries into the regulation of major industries. This organization plays a crucial role in promoting competition for the benefit of consumers, both in terms of price and quality.

One of the CMA's key functions is to assess market structures and practices that may inhibit competition or market entry, which includes conducting market investigations where necessary. These investigations can lead to recommendations for regulatory changes, ensuring that industries operate fairly and competitively.

In contrast, the Bank of England primarily focuses on monetary policy, financial stability, and the regulation of banks and financial institutions. The Financial Conduct Authority (FCA) is more concerned with protecting consumers in financial services and ensuring that the financial markets are fair and honest. The Office of Fair Trading (OFT), which has been absorbed into the CMA, previously had similar roles to the CMA but is no longer an active independent entity overseeing market competition. Thus, the CMA stands out as the authority specifically designated to delve deeply into industry regulation and market conditions.