The FCA’s competition law powers

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • The FCA’s competition law powers
  • Overview of the FCA’s competition law powers
  • Competition provisions in FSMA 2000
  • Concurrent competition law powers for the FCA
  • Investigative powers
  • Consequences for firms for breaches of competition law
  • Remedies and penalties
  • Appeals
  • FCA market studies, calls for input and other competition reviews
  • General insurance add-ons market study (MS14/1)
  • More...

The FCA’s competition law powers

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Overview of the FCA’s competition law powers

The Financial Conduct Authority (FCA) has a statutory objective under the Financial Services and Markets Act 2000 (FSMA 2000) to promote effective competition in the interests of consumers in the markets for regulated financial services and services provided by a recognised investment exchange. It also has a duty to promote effective competition when advancing its consumer protection or market integrity objectives. To date, the majority of the FCA’s competition work has been carried out under FSMA 2000. The FCA can investigate markets where competition may not be working well for consumers, and intervene where appropriate, for example, by making rules. The FCA can only use these powers for the firms and activities it regulates.

The FCA has also been granted concurrent competition powers with the Competition and Markets Authority (CMA) for financial services. This means it also has powers under the Enterprise

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