Britain's market regulator said it will use its competition powers for the first time to check whether customers are getting adequate choice and value for money in wholesale banking services. The main focus will be on the primary market where companies issue bonds and shares to raise funds for financing expansion and getting advice on mergers, the Financial Conduct Authority (FCA) said on Friday. It follows an announcement in February that the FCA had concerns that customers may not be getting value for money from wholesale banking services, a £10 billion ($15.7 billion) sector in Britain. "The market study will examine whether there are areas of investment and corporate banking services where competition may not be working well," the FCA said in a statement.
Huw Jones, Reuters