Financial services are in the crosshairs of antitrust regulators

Author: Olly Jackson | Published: 10 Dec 2018

Financial services firms are facing the increasing risk of competition enforcement, as the links between consumer protection and regulation grow stronger. Regulators are also increasingly focusing on how technology can be used to reinforce dominance.

The use and importance of big data in the industry, which makes price personalisation easier, is also said to heighten the risk of price discrimination. Competition authorities are currently considering whether this could constitute anti-competitive behaviour.

"As the economy becomes digitalised, that throws up competition issues, whether it’s online sales bans or online resale price maintenance," Michael Grenfell, executive director for enforcement at the UK Competition and Markets Authority (CMA), told IFLR. "We have also been looking at price comparison websites and online bidding platforms."

Oversight increase

A recent Which super-complaint concerned consumers deceived by transferring money to a fraudster via a push payment, and criticised banks for...