Britain’s new Financial Conduct Authority (FCA) says it will push for effective competition by examining whether consumers can influence markets.

Promoting strong competition is the most significant change to the regulatory regime, according to CEO Martin Wheatley.

“Competition can lead to lower prices, greater innovation, better design, better quality and wider choice, which ultimately leads to growth in the economy.”

In a set of guidelines on its objectives the FCA says it will consider how easily businesses can enter markets, whether regulation distorts competition and how easily consumers can understand their needs, access suitable products and change suppliers.

Mr Wheatley says the guidance shows that the FCA will be more judgement-based than its predecessor and will aim to deal with potential issues early.