Introduction On 15 July, the Financial Conduct Authority (FCA) published its final guidance and policy statement in relation to its approach to enforcement of competition law. The FCA has softened its stance in some respects, following criticism of its proposed approach in a public consultation. Regulated firms will now be required to report any “significant” breach of competition law which it “has or may have” committed. However, it remains to be seen how companies will interpret this obligation in practice given the tensions that are left unresolved. Context The FCA obtained “concurrent” competition powers on 1 April 2015, and so now is able to enforce the UK and EU prohibitions on anti-competitive behaviour in relation to the provision of financial services. It has also been given
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The UK FCA publishes its final guidance and policy statement about its approach to enforcement of competition law
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