In December 2017, we published Our Approach to Competition consultation paper. This was the start of a discussion with our stakeholders on our approach to delivering our competition objective, to promote competition in the interests of consumers. Engagement with the consultation was high and the feedback was substantially supportive of our approach. We have used the responses to inform our Approach to Competition and feedback statement.
The Approach to Competition and feedback statement, published today, provides detail of how we advance our competition objective and exercise our wider competition functions within the decision-making framework set out in Our Mission. As such, it outlines how we identify and diagnose potential harm in the market, the tools that we use to remedy this harm and how we measure our impact.
In light of the feedback received during the consultation, we have updated our Approach to Competition, to add further clarity and detail as to how we consider:
- the impact of firms outside of our regulatory perimeter
- indicators of harm in a wider context of their market
- the impact of our remedies on the full-range of consumers
- small and medium-sized enterprises (SMEs) as consumers of financial products
This publication is part of the series of documents, following Our Approach to Consumers that we committed to in Our Mission, providing transparency to our activities and explaining our approach in more depth.
We welcome views, continuing discussion and communication on how we can achieve our vision and deliver our competition objective more effectively.
To get in touch, please contact us at [email protected]