Andrea Coscelli has been confirmed as the new Chief Executive of the Competition and Markets Authority (CMA).
He had held the position of acting chief since July 2016, taking the role from Alex Chisholm, who left to join the former Department of Energy and Climate Change (DECC) – now the Department for Business, Energy & Industrial Strategy (BEIS).
The CMA is the UK’s independent competition authority responsible for carrying out investigations into mergers, markets and the regulated industries and enforcing competition and consumer law.
Last year, its two-year investigation into the energy market identified “significant problems” and revealed a staggering 95% of householders that buy their gas and electricity from the Big Six energy companies have paid hundreds of pounds more by failing to switch.
Mr Coscelli has been an Executive Director at the CMA since 2013, before joining Ofcom as Director of Economic Analysis.
Business and Energy Secretary Greg Clark said: “Mr Coscelli is a recognised expert in competition and regulation and commands respect in the business and regulatory and academic community. I have no doubt he will make good use of his experience to further the CMA’s position as a world-respected regulatory and enforcement body.”
Mr Coscelli added the role of the markets is under public scrutiny and “we will be actively engaging in that debate”.