Topic: Financial services

UK financial regulator sends rare SO over money transfer price-fixing

The UK’s Financial Conduct Authority has issued its second known antitrust chargesheet, accusing three international money transfer service providers of fixing the rates they charged Scottish customers for wiring funds to Pakistan.

26 January 2023

Mastercard could have charged lawful MIFs in Merricks counterfactual, counsel argues

Counsel to Mastercard has claimed that the European Commission did not find all interchange fees to be unlawful as part of its infringement decision against the company and it could have charged legal rates absent its anticompetitive scheme.

17 January 2023

Merricks urges CAT to reject Mastercard’s counterfactual arguments in multi-billion pound class action

Walter Merricks has accused Mastercard of seeking “another bite of the cherry” in attempting to argue that absent its interchange infringement the credit card company would have set its fees at the highest possible rate that was legally allowed.

16 January 2023

Mastercard pushes back against “extreme” limitation arguments in Merricks claim

Mastercard has argued there is no justification for the UK’s specialist competition tribunal to deprive the company of its limitation defence rights in Walter Merricks’ £17 billion class action lawsuit.

13 January 2023

CAT allows Merricks to argue Mastercard concealed facts in class action lawsuit

The UK’s specialist competition tribunal has allowed Walter Merricks to allege Mastercard deliberately concealed facts in a multi-billion pound interchange fee class action, as the claimant seeks to fend off arguments his lawsuit is time-barred.

12 January 2023

UK government files interchange fee claim against Mastercard

Mastercard is facing yet another interchange fee action in the UK as HM Revenue and Customs seeks damages from the credit company before the High Court of England and Wales.

09 January 2023

Greek market study reveals “inherent weaknesses” in fintech sector

Greece’s Competition Commission has identified weaknesses in the country’s growing financial technology market that could allow large and more established technology companies to exploit their access to data and foreclose start-ups.

04 January 2023

How Big Tech could change the UK financial services sector

Big Tech is uniquely placed to introduce welcome competition to the financial services sector, disrupting incumbents and benefitting consumers across the financial ecosystem. Yet, linked to concerns about tipping effects in digital markets, regulators worry about the potential for these companies to rapidly scale up and potentially exploit market power. Linklaters partner Jonathan Ford and senior associate Simon Treacy explore the UK financial regulator’s initial thoughts on the convergence.

21 December 2022

UK appellate court affirms CAT’s decision to expand Merricks class action

A UK appellate court has upheld a ruling by the country’s specialist competition tribunal to allow Walter Merricks to seek damages from Mastercard on behalf of millions of people who died since he filed his opt-out damages claim against the credit card company in 2017.

29 November 2022

Fintech disrupting competitive landscape in banking sector, Treasury report says

The rise in upstart financial technology companies is putting competitive pressure on an increasingly concentrated banking industry, the Department of Treasury has said.

17 November 2022

Unlock unlimited access to all Global Competition Review content