FNZ claimed the CMA had also not taken proper consideration of a range of challengers in the market such as Hubwise, Third Financial, Multrees, Focus Solutions, GPP Wealth Solutions and Octopus/Seccl, who it claimed were “winning and retaining platform business”.
Other rebuttals to the CMA put forward in FNZ’s submission included the fact FNZ and GBST “rarely competed head on” and therefore were not “close competitors” and that GBST was a weak rival which was “getting weaker”.
CMA's phase two investigation is expected to be completely by September 2020.
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