It cannot have come as a surprise to asset managers that, following the conclusion of the Financial Conduct Authority’s two-year-long investigation into their industry, it issued a statement of objections against four firms concerning an alleged infringement of competition law.

It was the first ever use of the FCA’s competition enforcement powers, and shows that the regulator is gearing up for an increased workload in monitoring and enforcing competition law compliance following Brexit. On the one hand it is reassuring to see the watchdog making use of its investigation and enforcement powers, on the other, the industry must be feeling the pressure. While we are not yet on the brink of a flood the dam is rising, and this is likely the first of many investigations.