Matthew Sinclair-Thomson, Sandeep Ravikumar and Loukia Kopitsa of Kirkland and Ellis (International) LLP review recent UK competition law developments in the financial sector. This update covers key developments in the application of competition law to the financial sector in the UK in recent months. In this issue, we focus in particular on the Financial Conduct Authority’s (FCA) and the Competition and Markets Authority’s (CMA) continued enforcement of competition in the financial sector and open banking in the UK, as well as recent developments showing that the CMA’s tough stance on mergers is unlikely to change any time soon.