UK - FCA makes its first enforcement decision under competition law

Following receipt of its concurrent competition law powers in 2015, on 21 February 2019, the FCA issued its first ever competition law enforcement decision (see FCA press release here). This follows a three-year investigation by the FCA into conduct by asset managers in relation to UK primary market events.  The FCA fined Hargreave Hale Ltd (“Hargreave”) £306,300 and River & Mercantile Asset Management LLP (“RAMAM”) £108,600. According to the FCA, the firms breached the competition rules by sh