The big trawl

9 July 2014 By Dominic Elliott, Swaha Pattanaik Follow @swahapattanaik

UK watchdogs have launched a competition probe of banking, markets and asset management. Concerns about the integrated firms’ market power are nothing new, but competition fell and barriers to entry rose in the crisis. The challenge will be to respond with more than tinkering.

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Britain’s financial watchdog is launching a broad “exploratory” review of competition in wholesale financial markets to check if they operate effectively to aid the economy and give their institutional, corporate and government customers a good deal.

Mary Starks, director of competition at the Financial Conduct Authority, said in the text of a speech prepared for delivery on July 9: “We are interested in any feature of a market or behaviour that could inhibit or distort the healthy functioning of competition in the market. This could apply to the supply side, the demand side, or how the two interact.”

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