Which organization conducts in-depth inquiries into the regulation of major industries?

The Competition and Markets Authority (CMA) is the correct answer because its primary role is to promote competition for the benefit of consumers and to ensure that markets function fairly and effectively. The CMA conducts in-depth inquiries known as market studies and market investigations, which allow them to analyze various industries comprehensively, assessing how competition is functioning and identifying any potential issues that could harm consumers or stifle competition.

One of the key functions of the CMA is to look into sectors where competition may be weak or where there are monopolistic practices. This can involve scrutinizing pricing strategies, the effect of corporate mergers, or the behavior of companies in specific markets. Through these in-depth inquiries, the CMA gathers evidence, engages with industry stakeholders, and ultimately issues recommendations or takes enforcement action as necessary to protect consumer interests.

In contrast, the Bank of England is primarily focused on monetary policy, financial stability, and regulatory oversight of banks. The Financial Conduct Authority oversees financial markets and firms to protect consumers and ensure market integrity, but it does not conduct the broad market inquiries typical of the CMA. The Department for Business and Trade is involved in economic policy and support for businesses rather than regulating market competition directly. Therefore, the CMA's specific mandate for conducting in-depth inquiries into industries makes