Can competition law play a role in the enforcement of financial crime in the United Kingdom?

Johnson, Diana

Abstract

Competition law has not played any significant role in the enforcement of financial crime in the United Kingdom (UK). Lessons can be learnt from the approaches adopted in the United States of America (US) and the European Union (EU) towards utilising competition or antitrust law to enforce market manipulation during the LIBOR and FX crisis of 2012. The Financial Conduct Authority (FCA) has extensive competition law enforcement powers and should use them when banks collude to manipulate benchmark interest rates. The competition law enforcement powers in the UK will initially be outlined and the effect of using these powers on banking cartels instead of the civil regulatory enforcement powers used by the FCA in the wake of the LIBOR and FX crisis will be examined.

• Presentation Conference Type: Presentation / Talk
• Conference Name: White-Collar and Corporate Crime
• Start Date: Apr 7, 2023
• Deposit Date: Sep 20, 2023
• Public URL: https://uwe-repository.worktribe.com/output/11129309