“IPUG has been contacted by the FCA following our response to their Wholesale Market Data Study, where we indicated that we would support a market investigation reference (MIR) by the FCA to the Competitions and Markets Authority (CMA) in respect of the markets within the scope of the study. The FCA intend to publish their proposed decision by 1st September 2023 and, as part of that publication, intend to disclose whether they received representations for or against, and who those representations came from.
The FCA will seek representations from stakeholders on the confidentiality of their submissions before taking a view on what they consider is necessary to disclose for their proposed decision document.
The FCA have confirmed they do not intend to publish the substantive content of IPUG’s response in a way that will be attributable to IPUG, apart from naming IPUG as making a representation.
The proposal from IPUG is to inform the FCA that IPUG are happy to be a named respondent making a representation in favour of the FCA making an MIR.
For context this was our concluding statement: ‘IPUG members would like fees and fee methodology to be publicly published. IPUG members would like the contractual terms and conditions to be publicly published. IPUG members would like regulation to ensure that fees are fair and reasonable, in its simplest form fair and reasonable means fee increases not above the rate of inflation. IPUG members would like services to be unbundled.’
If any member has any concerns with this please contact the exec at exec@ipug.com
If we do not hear any objection we will inform the FCA of our decision on Friday 18th August, ahead of their 21st August deadline.”
