Pension providers infringing competition law: FCA

The FCA said that while did not have concerns with the majority of the arrangements it looked at, some firms' meetings appeared to operate without any competition compliance protocol to prevent the disclosure of commercially sensitive information.

For the first time, it has issued letters to a number of firms putting them on notice of the potential for infringements of competition law.

The unnamed firms have since reviewed the arrangements in question, reviewed or updated their competition compliance protocols, and ensured that all key staff receive competition law training.

The FCA is urging other firms to review their distribution and marketing arrangements to ensure that they comply with competition law. In a statement, the regulator said that "when engaging with actual or potential competitors, firms should take care not to disclose any commercially sensitive information".