LONDON, May 6, 2026 — The Financial Conduct Authority said Wednesday it is investigating Mastercard, PayPal and Visa under the Competition Act 1998 over suspected anti-competitive conduct linked to the funding and usage of PayPal’s digital wallet, according to a statement.
The regulator said the investigation concerns Mastercard, PayPal and Visa under Chapter I of the Competition Act 1998, and Mastercard and Visa under Chapter II of the Act.
Competition framework and investigation
The FCA said Chapter I of the Competition Act 1998 prohibits agreements, concerted practices and decisions that may prevent, restrict or distort competition within the United Kingdom.
The regulator said Chapter II prohibits conduct amounting to the abuse of a dominant market position that may affect trade within the UK.
The FCA said it has reached no conclusions and made no findings that competition law has been broken.
Regulatory process
According to the statement, the FCA is currently gathering evidence and may later issue a statement of objections setting out a provisional view that an infringement of competition law has occurred.
The regulator said not all investigations result in a statement of objections.
The FCA said recipients of any statement of objections would be given an opportunity to make written and oral representations before a final decision is reached.
The regulator noted that its Competition Act 1998 powers and procedures are separate from enforcement processes under the Financial Services and Markets Act 2000.
The FCA added that Competition Act 1998 cases may also be brought by the UK Competition and Markets Authority.
