Gosling's Grouse: What is true competition?

Response to FCA's Asset Management Market Study

There is an interesting debate as to whether the role of a regulator is to try and set price in an industry, or just ensure the orderly activity of market participants.

I assume the Financial Conduct Authority (FCA) might argue that 'orderly activity' encompasses price if it thinks there is not enough price competition and this is somehow affecting the market. This is clearly the thrust of what it believes about the asset management industry. Although it stopped short of using the word 'cartel' in its recent Asset Management Market Study, this was implicit in its descriptions/discussions to increase competition. FCA Asset Management Study: Top ten takeaways for retail industry Competition means different things to different people and the FCA seem...