FNZ has challenged the decision by the Competition and Markets Authority to block its proposed merger with rival GBST, saying that the watchdog has an artificially narrow view of the platform market.

If you mention the acronyms FNZ, GBST and CMA to the average person on the Clapham Omnibus you would get a puzzled look and yet this story has profound implications for UK investors, for the platform sector and in reality for most of the UK population.

The Competition and Markets Authority has provisionally blocked the ‘mega-merger’ of platform providers FNZ and GBST due to concerns that the tie-up would hit competition and may lead to investors paying more.

Lord Andrew Tyrie is to step down as chairman of the Competition and Markets Authority in September after two years in the role, the CMA has confirmed.