The FCA calls for a market investigation - what do I need to know?

On 28 June 2017, the FCA published the final report of its market study into the asset management sector.

Amongst a number of wide-ranging recommendations, the FCA has provisionally decided to reject undertakings in lieu offered by some industry participants and to proceed with a market investigation reference to the Competition and Markets Authority in respect of the investment consultancy services market (subject to a short consultation) - a move that was originally proposed when the FCA published its interim report in November 2016. 
If, as anticipated, the market investigation reference proceeds, this will be the first time that the FCA has made use of this power, which it gained along with a number of other concurrent competition powers in April 2015.
Our briefing note provides some background on the reasons why the FCA considers a market investigation reference to be appropriate, explains the processes and procedures that apply to market investigations, and highlights the likely implications for investment consultants, investors, fund managers and other stakeholders of any such reference.
The note provides an overview of the key features of market investigations and what may soon be in store for the industry.