Financial Services Antitrust Bulletin
23 April 2026
Since Q4 2025, competition authorities across the world have continued to closely scrutinise the financial services sector. This edition focuses on developments since Q4 2025. If you would like to know more about the subjects covered, please refer to the list of contacts on page 15.
M&A consolidation continues across banking, insurance and payments services
Consolidation remains a defining feature of financial services markets. Competition authorities in the UK, France and Italy have continued to clear a steady pipeline of bank, insurance and payments transactions at Phase I, often under simplified procedures. These outcomes point to a generally permissive stance where overlaps are limited. However, evolving merger control rules and post-merger commitments in certain jurisdictions highlight continued sensitivity around market structure.
Enforcement sharpens focus on consumer-facing practices
Consumer-facing conduct is firmly in the spotlight. Authorities in Poland and South Korea have imposed substantial fines on banks for practices affecting retail borrowers, while regulators in Spain have acted against failures to provide adequate information to consumers. In the UK, courts have upheld regulatory intervention in payment markets, and sectoral reviews continue to examine distribution practices. Together, these developments reflect a strong regulatory emphasis on fairness, transparency and consumer outcomes.
Payments systems and market remedies under renewed scrutiny
Payments and financial infrastructure are attracting sustained regulatory attention. In the UK, the PSR's consultation on business card payment fees and the CMA's strategic review of market remedies signal a willingness to revisit existing interventions. Similar themes are evident internationally, with investigations into coordination in banking markets, compliance monitoring of surcharge practices, and strengthened cooperation between authorities. These actions point to a more interventionist approach to ensuring effective competition.
