We consulted on procedural guidance relating to the competition powers we obtained on 1 April 2015 and minor amendments to the FCA Handbook.
We designed our proposed procedures with the aim of using our competition powers effectively and efficiently. This should benefit consumers through detecting, enforcing against and deterring anticompetitive behaviour by firms.
We sought views in three separate areas, all in this Consultation Paper:
- draft guidance on our powers under the Competition Act 1998
- draft guidance on market studies and making market investigation references
- a draft legislative instrument to introduce minor amendments to the FCA Handbook
The FCA obtained new competition powers on 1 April 2015. We now have powers to enforce the prohibitions in the Competition Act 1998 on anti-competitive behaviour in relation to the provision of financial services. We also have additional powers under the Enterprise Act 2002 to carry out market studies, and to make market investigation references to the CMA relating to financial services.
These competition powers may also be exercised by the Competition and Markets Authority (CMA) with regard to financial services and other sectors of the economy. This means that, in respect of financial services, the CMA and the FCA have ‘concurrent powers’ and the FCA is a ‘concurrent regulator’. These powers are additional to our ability to use FSMA powers in pursuit of our competition objective.
This consultation is now closed. We will reflect on the feedback received before finalising the guidance documents and legal instrument and issuing a feedback statement as soon as possible.