Initial investigation continuing, including review and analysis of additional evidence
August 2019 to April 2020
Initial investigation continuing, including review and analysis of information gathered
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.
The CMA may collect, use and share personal data for its investigations, including investigations under the Competition Act 1998. This includes processing personal data for the purposes of the General Data Protection Regulation and the Data Protection Act 2018.