The Financial Conduct Authority has confirmed that it is investigating Mastercard, PayPal and Visa under Chapter I of the Competition Act 1998, and Mastercard and Visa under Chapter II, over suspected anti-competitive conduct linked to the funding and usage of PayPal’s digital wallet. The FCA said it has reached no conclusions and made no findings that competition law has been broken. Chapter I covers agreements, concerted practices and decisions by associations of undertakings that prevent, restrict or distort competition in the UK, while Chapter II covers abuse of a dominant position. The FCA also noted that its powers and processes in Competition Act 1998 cases are separate from its enforcement framework under the Financial Services and Markets Act 2000. The FCA is currently gathering evidence. It may later issue a statement of objections setting out a provisional view that the law has been infringed, although not all cases lead to that stage. If a statement of objections is issued, addressees will be able to make written and oral representations before any final decision.
Financial Conduct Authority 2026-05-06
Financial Conduct Authority confirms investigation into Mastercard PayPal and Visa over suspected anti-competitive conduct linked to PayPal digital wallet
The Financial Conduct Authority has opened investigations into Mastercard, PayPal and Visa under Chapter I of the Competition Act 1998, and into Mastercard and Visa under Chapter II, over suspected anti-competitive conduct related to the funding and use of PayPal’s digital wallet. The authority stressed it has reached no conclusions, made no findings of infringement, and that its Competition Act powers are distinct from its Financial Services and Markets Act 2000 enforcement framework.