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On 13 April 2016, the Financial Conduct Authority (the
"FCA") published its interim report on the investment and
corporate banking market study.
The FCA began a market study into investment and corporate
banking on 22 May 2015. This market study focused on choice,
transparency, bundling and cross-subsidisation in debt and equity
capital markets, and mergers and acquisitions. The market study
also focused on the links between competition in these primary
market services and related activities such as corporate lending
and broking and ancillary services.
This interim report highlights the FCA's current conclusions
stating that, while many clients feel well-served by primary
capital market services, there were also some areas where
improvements could be made to encourage competition. There was a
particular concern around cross-subsidies in the universal banking
model between corporate banking and investment banking, as well as
specific market practices such as syndication and reciprocity. The
FCA suggests some possible remedies for the issues identified.
The FCA expects to publish its final report in summer 2016.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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