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An “urgent review” of dynamic pricing has been launched to ensure consumers are being treated fairly, the competition regulator has announced amid the backlash over ticket prices for the Oasis reunion tour.
The Competition and Markets Authority (CMA) spoke up after a stream of complaints relating to the cost of tickets for the eagerly anticipated Oasis shows, which more than doubled while on sale.
Tickets worth £148 were being sold for £355 on Ticketmaster within hours of release on Saturday, due to the dynamic pricing systems which can raise costs in the event of high demand and limited supply.
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Culture Secretary Lisa Nandy later announced a government review of so-called surge pricing as the tickets sold out and fans licked their wounds.
A CMA spokesperson said on Tuesday: “The CMA is urgently reviewing recent developments in the ticketing market, including the way dynamic pricing is being used in the primary market.
“Consumer protection law requires businesses to be fair and transparent in their dealings with consumers, and businesses must give clear and accurate information about the price people have to pay.”
“Failure to do so may breach the law,” the statement concluded.
The regulator had previously added its support to a shake-up of price controls.
“The CMA wants fans to get a fair deal when they buy tickets,” it explained.
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