First FCA decision under competition powers that three asset managers breached competition law, fining two, published

Regulatory Updates | 22/05/19

The FCA has published the full text of its decision of 21 February 2019. The decision was in regards to three asset management firms that breached competition law by sharing sensitive information in relation to prices for initial public offerings. The published full text represents the FCA’s first formal decision under its competition enforcement powers. The FCA had fined Hargreave Hale Ltd £306,300 and River & Mercantile Asset Management LLP £108,600. Newton Investment Management Limited was not fined as they were given immunity under the competition leniency programme.