The Financial Conduct Authority (FCA) has increased its competition team by 30 staff in the last year, as it prepares to step up its competition investigations and market studies, according to FCA figures obtained by financial services regulatory consultancy Bovill.
Unlike the Financial Services Authority, a major part of the FCA's remit is to promote competition in the marketplace. Competition issues that the FCA has confirmed it is currently investigating include: the cash savings market, income products offered to customers at retirement and aspects of the credit card market. As well as its current competition remit which is restricted to market reviews, the FCA has also asked the Treasury to give it full competition powers for the financial services sector, which are set to come into force in spring 2015, Bovill said. > Read: Keeping one...
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