On 1 April 2015 the Financial Conduct Authority (FCA) obtained new concurrent competition powers under the Competition Act 1998 (CA98) and the Enterprise Act 2002 (EA02) for financial services in the UK. The Payment Systems Regulator (PSR) has also obtained competition enforcement powers for certain UK retail payment systems.
These changes are to some extent institutional in nature, as competition law already applies to all businesses in the UK, but now the FCA will have some significant additional tools at its disposal to detect and deal with competition law infringements which businesses should be aware of. To read more about these new tools, click here.
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