Following the publication of financial reporting by PayPal Holdings Inc, we can confirm we are investigating Mastercard, PayPal and Visa under Chapter I in the Competition Act 1998, and Mastercard and Visa under Chapter II in the Competition Act 1998, for suspected anti-competitive conduct linked to thefunding and usage of PayPal’s digital wallet.The FCA has reached no conclusions nor made any findings with regard to competition law having been broken.Notes to editorsThe Competition Act 1998 prohibits agreements, practices and conduct that may damage competition in the UK.The Chapter I prohibition in the Competition Act 1998 prohibits agreements, concerted practices and decisions by associations of undertakings which have as their object or effect the prevention, restriction or distortion of competition within the UK or a part of it and which may affect trade within the UK or a part of it unless they are excluded or exempt.The Chapter II prohibition in the Competition Act 1998 prohibits conduct which amounts to the abuse of a dominant position in a market, and which may affect trade withinthe UK.The powers and processes that the FCA has and follows in relation to the Competition Act 1998 are separate and different from those followed in relation to enforcement of the Financial Services and Markets Act 2000. Further detail on the FCA’s procedures in CA98 cases is available in our CA98 guidance.Competition Act 1998 cases may also be brought by the Competition and Markets Authority.The FCA is currently gathering evidence. The FCA may proceed to issue a statement of objections setting out its provisional view that there has been an infringement of the law. Not all cases result in the FCA issuing a statement of objections. If the FCA ultimately proceeds to issuing a statement of objections, it will provide the addressee(s) of that statement of objections with an opportunity to make written and oral representations, before it makes a final decision on whether the law has been broken.
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What is FCA? We protect people by helping them understand some of the most common risks they might come across when using financial services.
We publish warnings about firms that are doing business without our authorisation, and we encourage consumers to report scams, potential harm or bad conduct to us.
Our ScamSmart campaign targets individuals who are most at risk of investment fraud and pension scams. Our InvestSmart campaign also warns newer investors about the risks of investing online.
We want to help consumers protect themselves, so we work with consumer organisations to raise awareness of what we do. These organisations also help inform our approach to regulation.