UK: Wholesale financial markets get in-depth probe

The UK’s Financial Conduct Authority announced plans of an “exploratory” probe of the wholesale financial market as the watchdog responds to criticism that a lack of competition in the industry is harming consumers.

The head of competition at the FCA, Mary Starks, announced the review Wednesday at a meeting of the Chartered Institute of Securities, according to reports. “Wholesale financial markets play a crucial role in the economy,” Starks said, “and the UK plays a key role in the international markets.”

The probe will cover markets, corporate and investment banking, and market infrastructure.

Full content: Reuters

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