The FCA has issued a statement in respect of its concerns around 11 traders that it believes may have hindered competition in commodity futures markers and infringed competition law by sharing sensitive information or coordinating trades.
The traders have proposed commitments to change the way they handle sensitive information, undertake annual competition law training and arrange a £1m ex gratia payment to the Crisis and Resilience Fund, which provides support to low-income families and individuals in financial hardship. The FCA has published a notice of intention to accept the commitments.
The FCA has reached no view on whether competition law has been breached, and offering commitments does not amount to an admission of competition law infringement. The FCA considers that the commitments above address the competition concerns it identified, and notes that the financial commitment is likely to exceed any penalty the FCA might impose on the individuals following an infringement finding.
The FCA is consulting on the commitments package before reaching a final decision on whether to accept it and close the investigation.