Asset management firms fined, in first use of FCA competition powers

Inits initial use of competition powers that it has held since 1 April 2015, the FCA has issued a decision that three asset management firms have breached competition laws. Accordingly, Hargreave Hale has been penalised £306,300, and River and Mercantile Asset Management (RAMAM) £108,600, while Newton Investment Management evaded a fine under the regulator’s competition leniency programme.