FNZ forced to sell GBST

FNZ bought rival software company GBST in July 2019, however regulators had concerns the deal would lead to a loss of competition.

Competition watchdog, The Competition and Markets Authority (CMA), intervened in March 2020 to express concerns about how the deal would affect the market.

The CMA has completed its investigation and released a report on Friday saying it had not been convinced that the uniting of the two fintech firms  would be good for the industry.

“The loss of competition brought about by the deal could lead to investment platforms, and therefore UK consumers who rely on these platforms for administer their pensions and other investments, facing higher costs and lower quality services,” it says.