November 16, 2018 / 4:27 PM / 5 months ago

UK competition watchdog opens investigation into financial services

LONDON (Reuters) - Britain’s competition watchdog has opened an investigation into “suspected anti-competitive arrangements” in the financial services sector.

“The case is at an early stage and no assumption should be made at this point that competition law has been infringed,” the Competition and Markets Authority (CMA) said in a statement on Friday.

The CMA declined to give further detail on the investigation that is looking at conduct in relation to certain types of financial products.

The CMA declined to say if the investigation is focussing on a particular institution or market segment.

The CMA and the Financial Conduct Authority (FCA) both have powers to enforce competition rules in the financial sector, but it was agreed between them that the CMA, Britain’s most powerful competition watchdog, should be responsible for the investigation.

“We will provide input as required,” an FCA spokesman said.

Reporting by Huw Jones; Editing by Adrian Croft

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