On 6 September 2005, the UK Office of Fair Trading (“OFT”) announced its Decision following a long running investigation of MasterCard UK Members Forum Limited (“MMF”) default interchange fee arrangements. The Decision itself was published on 13 October 2005. The OFT concluded that the parties had infringed both Article 81 EC and the Chapter I prohibition of the UK Competition Act 1998 (“CA98”). The OFT considered that the agreement between members of MMF (as set out in MMF's Rules) to set multilateral interchange fees (“MIFs”) applicable to UK transactions using MasterCard branded consumer credit and charge cards was restrictive of competition and did not meet the conditions for exemption. The agreement was in place between 1st March 2000 and 18 November 2004 (when MasterCard introduced new
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The UK Competition Authority concludes that an agreement between banks to set a default interchange fee is restrictive of competition and contrary to both EC and national mirror competition provision (MasterCard)
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