CMA blocks platform tech giant GBST and FNZ merger over fee fears

FNZ completed the acquisition of GBST in November last year but the CMA stepped in shortly afterwards and opened an investigation into the merger. In a note to the market this morning (5 August), however, the watchdog "provisionally found" that FNZ's purchase of GBST could result in a "substantial lessening" of competition. "This could lead to UK consumers who rely on investment platforms to administer their pensions and other investments facing higher costs and lower quality services," it said.  It added that the merged business would be the largest supplier in the UK and although th...