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.
The consultation period for our Approach to Competition has now closed. We are now analysing the responses and will publish our findings later this year.