Tag Archives: competition

CMA publishes decision on payment systems merger

CMA has published the full text of its decision on whether the anticipated merger of Bacs Limited, FPS Limited, and C&CC Limited would result in a substantial lessening of competition and would therefore be referred under section 33(1) of the Enterprise Act 2002. CMA has concluded that the Merger does not raise competition concerns as there […]

BoE publishes revised Settlement Account Policy

BoE has published a revised Settlement Account Policy to include non-bank PSPs in its real-time gross settlement (RTGS) system. It wants these changes to allow non-bank PSPs to compete on a more level playing field with banks as it will reduce the dependence on them for access to payment systems. This policy change is designed to […]

FCA announces RTGS extension

FCA has announced that BoE is extending access to settlement accounts in its real-time gross settlement (RTGS) system to non-bank payment service providers (NBPSPs). This will enable NBPSPs to have direct access to the UK’s sterling payment systems. In the first instance an NBPSP applying for RTGS access will have their application reviewed by the […]

FCA looks at competition and investment consultancy

FCA had made a provisional decision to make a market investigation reference of investment consultancy services. In February, three major providers of these services offered undertakings in lieu (UIL) for FCA to consider, saying they would amend their practices without the need for FCA to make new rules. FCA has decided to reject it, but […]

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 […]

FCA launches market study on competition in the mortgage sector

FCA has launched a market study on whether competition in the mortgage sector is working in the interests of borrowers. The purpose of the study is to help the FCA understand whether consumers have enough information to choose products and services, and if they are in a position to understand whether these represent good value […]

CMA publishes draft Order following retail banking market investigation

In August 2016 the CMA published the report on its market investigation into the supply of retail banking services. Following the proposals of that Report, the CMA has published a draft Retail Banking Market Investigation Order 2017 which includes measures that seek to drive the market towards ‘Open Banking’: using technology to provide customers with more control over their […]

FCA publishes interim asset management market study

The FCA has today published interim report MS15.2.2 in connection with their Asset Management Market Study. The FCA’s chief objective for the market study was to ensure that the market works well and that the investment products consumers use offer value for money.  The market study was launched in November 2015 in response to a number of concerns […]

FCA and Treasury respond to CMA retail banking market report

In August 2016, the CMA published its final report following its investigation into the competitiveness of retail banking market (Report), which focused on  personal current account and SME customers.  The Report found that there were elements of the market that were having an adverse effect on the promotion of competition, and proposed a package of […]