The Competition Authority and National Consumer Agency have amalgamated to form the Competition and Consumer Protection Commission.
The commission is the new statutory body responsible for enforcing consumer protection and competition law in Ireland.
Minister for Jobs, Enterprise and Innovation, Richard Bruton, said the commission was “a major step forward for consumer rights in Ireland”.
The new watchdog will regulate some practices in the grocery sector as well as serious competition offences such as cartels and price- fixing.
“We now have a single powerful watchdog with a wide range of consumer, competition and criminal law powers at its disposal, acting on behalf of the consumer in Ireland,” the Minister added.
Mr Bruton said the announcement of the commission also forms part of a broader programme of reform across the Department of Jobs and its agencies that will cut the number of agencies by 41.
Isolde Goggin, chairwoman of the new commission, said the mission of the new body was to make markets work better for consumers and businesses and encourage competition. ÁINE McMAHON