Financial Conduct Authority consults on commitments from 11 commodity traders including GBP 1 million hardship fund payment after competition probe

The Financial Conduct Authority has opened a consultation on a proposed commitments package from 11 day traders in global commodity futures markets after an investigation raised concerns they may have exchanged sensitive trading information and or coordinated trading strategies in a way that restricted competition. The package would change how the traders handle sensitive information, require annual competition law training and provide a GBP 1 million ex gratia payment to the Crisis and Resilience Fund, which supports low-income families and individuals in financial hardship. The FCA said it has not reached a view on whether competition law was breached, and the proposed commitments do not amount to an admission of infringement. It considers the package addresses the competition concerns identified. The authority also noted that the GBP 1 million payment is likely to exceed any penalty it could impose on the individuals if an infringement were ultimately found, because competition law penalties are capped by reference to turnover in the financial year before an infringement decision. The consultation on the proposed commitments runs until 14 July 2026. After considering responses, the FCA will decide whether to accept the commitments and close the investigation.