Tag Archives: CMA

CMA updates on investment consultants investigation

The CMA has published an update of its progress on its market investigation into investment consultants and fiduciary managers.  Since it started its reference last September, it has, among other things, visited three large investment consultants and held hearings with a range of providers and stakeholders. It has also completed a large quantitative survey of […]

Digital comparison tools: government responds to CMA market study

Earlier this year, the Competition and Markets Authority (CMA) published the results of a market study into the use of digital comparison tools in a number of sectors, including car insurance, home insurance and credit cards. The findings of the market study included strong concern about the use of ‘most favoured nation’ clauses, which can […]

CMA consults on its 2018/19 annual plan

The Competition and Markets Authority (CMA) is consulting on its draft annual plan, which sets out its plans and priorities over the next year. Interested parties have the opportunity to provide views and comments on the proposed priorities until 14 January 2018. Over the next year, the CMA is proposing to take a particular interest […]

CMA investigation in the investment consultancy services market

Following the referral of the investment consultancy services market by the FCA to the CMA earlier this year, the CMA is now entering the phase of further information gathering and has updated its investigations page with the responses to issues statement received from the industry. The referral by the FCA followed its Asset Management Market […]

CMA starts investment consultants market investigation

CMA has announced an investigation into the supply and acquisition of investment consultancy and fiduciary management services following a referral by FCA.  FCA has decided to reject the undertakings in lieu offered to its by the three largest investment consultants,  as it believes the market will benefit from an in-depth review. There were also concerns from […]

FCA publishes consultation paper on current account services

FCA has published a Consultation Paper (CP) on the information provided to customers about current account services. The CP was prompted by CMA’s recommendation that firms should publish objective measures of service performance for both personal current accounts (PCAs) and business current accounts (BCAs) to allow customers to effectively compare products on the market. The […]

CMA publishes Alasdair Smith’s speech on open banking

In a speech published on 30 June 2017, Alasdair Smith discussed: some of the implications of the Open Banking programme which the CMA launched and which is now well under way the implications of Open Banking for regulation  the relationship between the CMA and the FCA

FCA speaks on retail banking regulation

Andrew Bailey has spoken at BBA’s retail banking conference on FCA’s perspective on retail banking. He highlighted 3 points: the importance of understanding business models, in the light of Northern Rock. FCA needs to understand where banks earn their returns and how stable they are. He noted that, before the financial crisis, the pressure was […]

CMA publishes final retail banking order

The final order implementing the retail banking reforms has been published. It sets out the timetable for introducing the various remedies the CMA recommended, including: open banking: the largest UK banks must develop and adopt an open API standard between now and Q1 2018; facilitating switching: undertakings on governance and awareness of the CASS service […]

Retail banking market investigation: CMA publishes responses to draft order

The CMA has published responses to the publication of its draft order following the retail market investigation. The responding institutions include: Dansk Bank HSBC Information Commissioner’s Office Santander Tesco Which Some of the concerns raised in the responses address the proposal to introduce a monthly maximum charge in respect of unauthorised overdraft charges, the definition of […]