As of April 1, 2015, the Financial Conduct Authority (FCA) has acquired new functions and powers in relation to competition including powers under the Enterprise Act 2002 (the 2002 Act) to conduct market studies and make references to the Competition and Markets Authority (CMA), and powers under the Competition Act 1998 (the 1998 Act) to investigate and enforce against breaches of UK and EU competition law. The FCA’s new powers are concurrent with the enforcement powers of the CMA under the 1998 and 2002 acts, and the CMA’s powers were inherited from its predecessor, the Office of Fair Trading (OFT) on the OFT’s merger with the Competition Commission last April.
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