The FCA has published final guidance on use of its new competition law powers, together with amendments to its Handbook introducing a specific competition law self-reporting obligation which will have significant ramifications for authorised firms.

Background -

On 1 April 2015 the FCA obtained concurrent competition powers in relation to the provision of financial services. These powers are in addition to the FCA’s powers under FSMA and allow the FCA to: (i) conduct investigations under the Competition Act 1998 (“CA98”) and the Treaty on the Functioning of the European Union (“TFEU”); and (ii) carry out market studies and make market investigation references to the Competition and Markets Authority (“CMA”) under the Enterprise Act 2002 (“EA02”). The CMA’s broad competition powers already allowed it to regulate competition in respect of financial services; hence the CMA and the FCA have ‘concurrent powers’ in this sector.