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

The Competition and Markets Authority (CMA) is responsible for conducting in-depth inquiries into the regulation of major industries. One of the CMA's key functions is to promote competition, and it does this by investigating mergers, market behaviors, and regulatory issues that may affect competition or consumer interests.

The CMA has the power to examine specific markets, identify any anti-competitive practices, and recommend appropriate actions to ensure fair competition. This includes scrutinizing the behaviors of firms in various industries, assessing market structures, and ensuring that consumers have access to a broad range of choices.

In contrast, the other authorities mentioned have more specialized roles. The FCA focuses primarily on the regulation of financial markets and consumer protection within those markets. The Competition Commission, which has been replaced by the CMA, previously handled similar inquiries but no longer exists in its former capacity. The CAA regulates the civil aviation industry, overseeing aspects like air traffic management and consumer protection within the airline sector, but it does not conduct inquiries into all major industries.

Thus, the CMA's remit in investigating and regulating competition across a wide variety of sectors makes it the right choice for this question.