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ARTICLE · 16 APRIL 2018

UK Financial Conduct Authority Makes First Market Investigation Reference

Covington & Burling
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On September 14, 2017, the Financial Conduct Authority (FCA) confirmed that it was making a Market Investigation Reference (MIR) to the Competition and Markets Authority (CMA) in relation to...

United KingdomFinance and Banking
Louise Freeman
Louise Freeman
Charlotte Hill
Charlotte Hill
Greg Lascelles
Greg Lascelles
Elaine Whiteford
Elaine Whiteford

On September 14, 2017, the Financial Conduct Authority (FCA) confirmed that it was making a Market Investigation Reference (MIR) to the Competition and Markets Authority (CMA) in relation to services for investment consultancy and fiduciary management. This is the first time the FCA, which has significant numbers of competition lawyers within its ranks, has exercised its power to make a reference to the CMA.

The MIR is part of a proposed package of remedies, and represents the culmination of a twoyear FCA study into the UK asset management industry, which concluded that the market was affected by a weak demand side, concentration among providers, high barriers to entry, and vertically integrated business models.

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