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 recently issued 2024-2025 annual plans of the Competition and Markets Authority (CMA), the Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA), the latter’s continued scrutiny of Big Tech’s impact on competition in the UK financial sector, as well as the latest developments in ongoing class action cases.