Financial Services Antitrust Bulletin
7 October 2025
Since Q2 2025, competition authorities across the world have continued to closely scrutinise the financial services sector. This edition of the Clifford Chance Financial Services Antitrust Bulletin charts the following key themes derived from developments in Europe, North America, the Asia- Pacific region, North Africa and the Middle East:
Consumer protection in the spotlight – Authorities are intensifying scrutiny of consumer-facing practices. Italy upheld fines against Poste Italiane and Flatexdegiro Bank AG for misleading practices. In Poland, PayPal and Profi Credit Polska faced enforcement for abusive contract terms and obstructing early loan repayments. In the US, Texas courts have found a violation of state consumer protection laws from the mis-advertising of certain funds as not following an ESG investment strategy. These actions reflect a global regulatory emphasis on transparency, fairness, and consumer rights.
Insurance sector under the microscope – Insurance markets remain a focal point for competition authorities. In the UK, Which? filed a super-complaint over systemic failures in home and travel insurance. The French competition authority's opinion on agricultural climate risk reinsurance reflect concerns over market structure and consumer outcomes. Italy saw multiple insurance acquisitions cleared, including by Unipol, Fideuram, and Mediobanca, indicating ongoing consolidation. Authorities are balancing market efficiency with consumer protection, especially in life and property insurance.
Digital markets and financial infrastructure – Authorities are focused on competition in digital financial infrastructure. The UK Financial Conduct Authority's probe into LSEG’s rooftop access restrictions signals concern over latency-based advantages in electronic trading. The Competition and Markets Authority's proposed designation of Apple and Google under the UK digital regulation reflects efforts to regulate mobile ecosystems and payment architectures. In Japan, Visa Singapore committed to reforming its interchange fee practices to avoid exclusionary effects.
