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UK banks' restrictive contract clauses banned under new FCA rules

( June 27, 2017, 10:31 GMT | Official Statement) -- MLex Summary: Some restrictive contractual clauses used in investment and corporate banking in the cross-selling and cross-subsidisation of services hinder competition, especially for smaller clients, and should be prohibited, the Financial Conduct Authority has said. The regulator has completed a market study that covered a wide range of primary market issues, and has published a policy statement containing new rules, in effect from January 3, 2018, banning "the use of clauses that restrict a client's choice of future providers of primary market services."This content is from our upcoming UK competition and merger service, devoted to in-depth coverage of the UK as a distinct jurisdiction of increasing importance in the context of Brexit. ...

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