We are consulting on procedural guidance relating to the competition powers we will get on 1 April 2015 and minor amendments to the FCA Handbook.
Why are we consulting on this?
We have designed our 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 have set out our procedures and we want to know what you think.
We are seeking 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- draft guidance on our powers under the Competition Act 1998
- draft guidance on market studies and making market investigation references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
Download Consultation Paper 15/1 [PDF] below.
Who should read this paper?
This consultation will be of interest to all regulated firms and all businesses (whether or not they are required to be regulated) who provide financial services. This consultation does not directly affect consumers. However, consumers may be interested to learn more about how we will use our new competition powers.
What is the background to this?
The FCA obtains new competition powers on 1 April 2015. We will have powers to enforce the prohibitions in the Competition Act 1998 on anti-competitive behaviour in relation to the provision of financial services. We will 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 will have ‘concurrent powers’ and the FCA will be a ‘concurrent regulator’. These powers are additional to our ability to use FSMA powers in pursuit of our competition objective.
Next steps
We want to know what you think of our proposals and welcome comments using our online response form by 13 March 2015. We will reflect on the feedback received before finalising the guidance documents and legal instrument and issuing a feedback statement. We intend to do this as soon as possible after we get our concurrent competition powers on 1 April 2015.
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