UK watchdog launches probe

Comment on this story
Financial Conduct Authority123 Reuters. United Kingdom Financial Conduct Authority.

London - Britain's financial watchdog is launching a wide-ranging “exploratory” review of competition in wholesale financial markets to check if they operate effectively to aid the economy.

The Financial Conduct Authority (FCA) was set up just over a year ago as part of Britain's post-financial crisis shake up of supervision to protect consumers better and increase competition in markets.

Mary Starks, director of competition at the FCA, said on Wednesday the watchdog had launched a review of competition in wholesale markets, saying it was an exploratory exercise to determine where competition may be weak.

“And why is it important? Because wholesale financial markets play a crucial role in the economy, and the UK plays a key role in the international markets,” Starks told a meeting of the Chartered Institute of Securities on Wednesday.

The review will cover markets, their infrastructure, asset managements, and corporate and investment banking, she said. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines