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Release Date: 21st February 2019

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) fined Hargreave Hale Ltd £306,300 and River and Mercantile Asset Management LLP (RAMAM) £108,600 for anti-competitive conduct during a placing and an initial public offering (IPO) in 2015. Newton Investment Management Limited was also involved but received immunity under the competition leniency programme and was not fined.

These firms shared strategic information during the book-building processes for Market Tech’s placing in July 2015 and On the Beach’s IPO in September 2015. This sharing of otherwise confidential bidding intentions, including the price they were willing to pay and the volume of shares they wanted to acquire, breached competition law. By exchanging such information, the firms reduced competitive uncertainty, which could lead to lower bids, potentially affecting the final share price and the amount of money the company could raise.

Key Takeaways for Other Firms:

In conclusion, the FCA’s action against these firms highlights the importance of maintaining competitive integrity and complying with legal standards. Firms must ensure their employees are aware of and adhere to competition laws to avoid severe penalties and ensure fair market practices.

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