Clifford Chance

The FCA's new competition enforcement powers

18 November 2015

The Financial Conduct Authority ("FCA") has a statutory objective of promoting effective competition in the interests of consumers in the financial services sector. On 1 April 2015, its ability to take enforcement action in relation to breaches of competition law was substantially increased when it obtained concurrent competition powers under both the Competition Act 1998 ("CA98") and the Enterprise Act 2002 ("EA02"). These powers add to the FCA's existing ability to use its regulatory powers under the Financial and Services Markets Act 2000 ("FSMA").

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