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BRASÍLIA – The Administrative Council of Economic Defense (CADE) tribunal today decided to open an investigation into possible anti-competitive practices in the financial market and electronic means of payment.
The administrative investigation will be conducted by the Superintendency. -General antitrust body. In particular, any abuse related to practices aimed at hindering the emergence and development of new competitors and disruptive business models, such as fintechs, will be the subject of an investigation.
The verification request was made after Tuesday's approval. (4) a report produced by the Federal Senate's Committee on Economic Affairs (CAE), which recorded the competition concerns raised by the market. According to Cade, the paper presents a diagnosis of the structural problems of the financial sector, with particular attention to intermediation costs, which leads Brazil to have "one of the largest bank spreads in the world".
Cade President Alexandre Barreto recalled the concerns expressed in the report about the lack of competition in the sector and the recurrence of anti-competitive behavior. "Several stakeholders have expressed concern that the verticalization of the financial sector has been more damaging than beneficial, restricting competition and making it difficult for new firms to enter the market."
In addition, the court decided that Cade's Department of Economic Studies should conduct a study to badess the effects of verticalization on competition in the sector in order to support future measures of the municipality and others. regulators of this market
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