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UK watchdog makes changes to boost competition in wholesale banking
October 18, 2016 / 9:25 AM / a year ago

UK watchdog makes changes to boost competition in wholesale banking

LONDON (Reuters) - Britain’s markets watchdog set out changes on Tuesday to how banks treat business customers, saying it will ban clauses that tie in clients, and change how companies are floated.

The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

The Financial Conduct Authority (FCA) published its final report into competition in the investment and corporate banking market, confirming “remedies” outlined in an interim report in April.

“The universal banking model clearly works well for a wide range of participants but areas such as the use of restrictive contractual clauses, league table credibility and the allocation of shares in IPOs are not always working as well as they could,” Christopher Woolard, FCA director of strategy and competition, said in a statement.

Reporting by Huw Jones, editing by Carolyn Cohn

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