He added that an Office of Fair Trading report on the matter found three contributory factors.
Web retailers were criticised by the Office of Fair Trading last month for ignoring customers' rights.
The Office of Fair Trading is investigating the business, which it says may be uncompetitive.
ECONOMIST: New competition means doorstep lenders are in trouble
There was a slightly odd announcement by the Office of Fair Trading this afternoon.
The acquisition has been referred to the Competition Commission by the Office of Fair Trading (OFT).
BBC: Eurotunnel purchase of Sea France ferries faces inquiry
This was followed by investigations by both the Office of Fair Trading and the Competition Commission.
The Office of Fair Trading (OFT) said the merger created a "near-monopoly" in the supply of kaolin.
The Office of Fair Trading (OFT) study of the UK petrol and diesel market found that little action is needed.
The bustle at the Office of Fair Trading suggests that some product markets could be made freer.
Last month, GSK was accused of market "abuse" by the consumer watchdog, the Office of Fair Trading (OFT).
GlaxoSmithKline (GSK) has been accused of market "abuse" by the consumer watchdog, the Office of Fair Trading (OFT).
Consumer Direct, Trading Standards, the Office of Fair Trading and manufacturers also helped identify the fraudulent web sites.
Zopa, Funding Circle and their ilk are regulated by the Office of Fair Trading as lenders or credit providers.
The Office of Fair Trading (OFT) said there was a "lack of dynamism" from the banks alongside customer inertia.
It plans to send them to the Office of Fair Trading for approval.
Britain's Office of Fair Trading claims to be running 25 cartel probes, with a shift towards recognisable household names.
The Office of Fair Trading (OFT) said feedback from a public consultation showed people were "unanimously opposed to the changes".
The Office of Fair Trading (OFT) has written to Manx Gas for an explanation of the reasons for the increases.
The Office of Fair Trading (OFT) will consider how consumer data is collected and if any activities could be illegal.
The Office of Fair Trading made the referral on the basis that the market was not working well for motorists.
Minister have also overruled concerns about competition raised by the Office of Fair Trading in order to allow it to proceed.
The Office of Fair Trading is appealing to shoppers to think carefully before taking out extended warranties on goods they buy.
The regulator is examining concerns raised by the Office of Fair Trading that the deal could reduce competition between certain brands.
Britain's Office of Fair Trading announced an inquiry into the equity underwriting services of investment banks, including the fees they charge.
Official bodies such as the Office of Fair Trading (OFT), the Competition Commission, and the FSA slowly took up the issue.
High-profile money lending firm Wonga has been criticised by the Office of Fair Trading for using aggressive and misleading debt collection methods.
Earlier this year, the firm was also criticised by the Office of Fair Trading for using aggressive and misleading debt collection methods.
According to the Office of Fair Trading, about 1.5m homes across the UK, mostly in rural areas, are dependent on heating oil.
The Office of Fair Trading (OFT) has told banks they must do better for personal account customers or face an enforced shake-up.
The UK's Office of Fair Trading approved the acquisition earlier this month.
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