UK Financial Conduct Authority Makes First Market Investigation Reference

UK Financial Conduct Authority Makes First Market Investigation Reference

September 21, 2017, Covington Alert

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.