In-house counsel at UK banks see the value added from the financial services regulator’s newly granted competition powers but feel the process hasn’t been without teething problems.
Speaking at IFLR’s Competition Law Forum in London last week, panellists reflected on the past 18 months since the Financial Conduct Authority (FCA) inherited concurrent competition powers in April 2015.
The regulator has the ability to enforce against breaches of competition law, conduct comprehensive market studies and refer markets to the Competition and Markets Authority (CMA) for further investigation where appropriate.
As such, the FCA is in a unique position unlike any other regulator in the world, with both soft and hard enforcement tools at its disposal.
While panellists generally agreed on the benefits of the FCA promoting competition in the markets it already oversees, Graeme Brooks, head...