|November 2018 to August 2019
||Initial investigation: information gathering, including issue of formal or informal information requests and responses
On 13 November 2018, the CMA launched an investigation into suspected anti-competitive arrangements in the financial services sector which may infringe Chapter I of the Competition Act 1998 (CA98) and/or Article 101 of the Treaty on the Functioning of the European Union (TFEU).
The CMA and the Financial Conduct Authority (FCA) have concurrent functions to enforce competition law infringements in the financial services sector. It has been agreed (pursuant to regulation 4 of the Competition Act 1998 (Concurrency) Regulations 2014) that the CMA will exercise those functions in relation to this investigation.
The case is at an early stage and no assumption should be made at this point that competition law has been infringed. The CMA has not reached a view as to whether there is sufficient evidence of an infringement of competition law for it to issue a statement of objections to any of the parties under investigation. Not all cases result in the CMA issuing a statement of objections. Further detail of the CMA’s procedures in CA98 cases is available in our guidance.
As a result, it would not be appropriate to include any further estimates of the timing of any later investigative steps at this stage.
020 3738 6460, email@example.com
Senior Responsible Officer
Howard Cartlidge (020 3738 6699, firstname.lastname@example.org)
Tamara Todorovic (020 3738 6598, email@example.com)
Assistant Project Directors
Andrea Baildon (020 3738 6216, firstname.lastname@example.org)
Barbara Lievens (020 3738 6409, email@example.com)
Tom Fallon (020 3738 6444, firstname.lastname@example.org)
Published 16 November 2018