Last year the (Financial Conduct Authority) FCA gained powers to enforce against competition law breaches in the context of financial services. As part of its Retirement Income market study the FCA reviewed a number of distribution arrangements and strategies of different personal pension providers looking for potential competition law infringements.
For the first time, the FCA sent letters similar to those sent out by Competition and Markets Authority (CMA) to various firms putting them on notice regarding potential breaches of competition law. The FCA is asking firms to confirm the actions they plan to take to address any competition law concerns.
Following the review, the FCA will expect firms to:
To discuss the implications of the Retirement Market income study for your firm please contact Noline Matemera, partner in TLT’s Financial Services Regulation team or Dimitris Sinaniotis, associate in TLT’s Competition team.
Contributor: Dimitris Sinaniotis
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