Matthew Sinclair-Thomson and Sandeep Ravikumar of Kirkland & 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. The work of regulators continues to be impacted by COVID-19, but the Financial Conduct Authority (FCA) and the Competition and Markets Authority (CMA) have continued to progress market study work, including a wide-ranging update into all aspects of the loyalty penalty super-complaint investigation.