UK: Watchdog opens investigation into financial services

Britain’s competition watchdog has opened an investigation into “suspected anti-competitive arrangements” in the financial services sector, reported the Financial Times.

“The case is at an early stage and no assumption should be made at this point that competition law has been infringed,” the Competition and Markets Authority (CMA) announced in a statement on Friday, November 16.

The CMA declined to give further detail on the investigation that is looking at conduct in relation to certain types of financial products.

The CMA declined to say if the investigation is focusing on a particular institution or market segment.

The CMA and the Financial Conduct Authority both have powers to enforce competition rules in the financial sector, but it was agreed between them that the CMA, Britain’s most powerful competition watchdog, should be responsible for this investigation.