UK Regulatory Update — Issue 4: the new competition objective
In UK Regulatory Update — Issue 4, we consider the new role of the FCA as a competition watchdog (as we shall see, of sorts). From legal cutover, it will be a statutory objective and duty of the FCA to promote competition in its role as financial conduct regulator. This is new territory for a UK financial regulator and the FSA/FCA has acknowledged that its thinking and approach will not be fully formulated from day one.
Whilst it is difficult to predict exactly how this will play out in practice, placing competition at the heart of regulation through use of a statutory objective marks a significant turning point in regulatory supervision. Firms can not only expect to see more macro-level initiatives such as market surveys, but in time the introduction of new conduct rules and the exercise of regulatory powers to specifically target problems in financial services competition…
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