Clifford Chance

Financial Services Antitrust Bulletin

4 July 2025

Since Q1 2025, competition authorities across the world have continued to closely scrutinise the financial services sector. This edition of the Clifford Chance Financial Services Antitrust Bulletin charts the following key themes derived fromdevelopments in Europe, North America, the Asia-Pacific region, North Africa and the Middle East:

Regulators accept consolidation in the insurance sector – The French Competition Authority gave the green light to both the acquisition of HSBC Assurances Vie by Matmut SAM and of the acquisition of NoveoCare group by Harmonie Mutuelle. Similarly, the UK Competition and Markets Authority unconditionally cleared the acquisition of Direct Line Group plc by Aviva plc.

Policy reviews - Regulators in America deliver on the roll back of bank merger policies, demonstrating a preference for an earlier version to champion transparency. In the UK, the House of Lords announced findings of rigidity and harmful overlaps within domestic financial regulatory bodies.

Consumer interests championed – In an attempt to enhance consumer protection and lower borrowing costs, the Polish Office of Competition and Consumer Protection plans to introduce uniform templates for mortgage loan agreements.

Litigation in the spotlight – The outcome of Innsworth Capital's application for judicial review, following the Competition Appeal Tribunal's approval of the GBP 200 million settlement in the case of Merricks v Mastercard, is eagerly awaited by litigation funders. Following significantly lower than expected returns, it remains to be seen whether the ruling will curb future appetite for funding. Separately, the UK Court of Appeal delivered a blow to cryptocurrency investors.

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