FCA to investigate lack of competition in benchmark providers

The move comes following a call for input issued by the regulator last year, in which respondents highlighted the slim number of viable providers in the space, which tie users to their products through brand awareness, trading costs and exit fees. In a market study to begin in summer 2022, the FCA will investigate these concerns over complex contracts issued by benchmark and index providers that prevent users switching to "cheaper, better quality or more innovative providers". While respondents took issue with the pricing of benchmarks, arguing it was "too high" and had been increasin...