Effective competition in financial services benefits consumers and the economy. We are one of the few financial regulators in the world with a core objective to promote competition and it applies to all the work we do.
We want to ensure that our regulation evolves with financial services rather than holding them back, and we’re keen to understand how and when regulation can provide unnecessary barriers to new firms entering the market.
In our Approach to Competition we look at how we deliver our competition objective, to promote competition in the interests of consumers and not for its own sake. We focus on keeping markets open to entry and innovation, tackling anti-competitive conduct and intervening to ensure competitive forces drive good outcomes for consumers. Part of our work is about supporting consumer choice, including the choice to move from an unsatisfactory supplier to a better one. We give particular attention to areas where customers’ and firms’ interests are not well aligned.
This publication is the next in the series of documents, following Our Future Approach to Consumers that we committed to in Our Mission, providing transparency to our activities and explaining our approach in more depth.
We are seeking views on a number of questions about our approach to find out if we are being clear with our approaches and what else we could be doing.
Please send us your comments by 12 March 2018.
We are holding a panel discussion at our office to bring together stakeholders from industry, trade bodies, consumers groups, regulators and government. This event will provide the opportunity to discuss and debate how the FCA approaches competition and to feed into our thinking during this post-publication consultation period.
The discussion will be chaired by Mary Starks, Director of Competition and Economics Division at the FCA. The event will take place on 23 January 2018 at 12:30 at the FCA, 25 The North Colonnade, Canary Wharf, London E14 5HS. Registration and lunch will begin at 12:00.
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