The credit-checker Experian has dropped their plan to acquire rival Clearscore in what would have been a £275m deal. The Competition Markets Authority (CMA) won’t approve the takeover due to “satisfactory terms.”
The CMA said that after finding the takeover could hurt competition and credit comparison and checking markets.
The CMA found that it could lead to reduced incentives to innovate or reduce prices, meaning consumers could pay more for loans and credit cards.
In a statement to the market on Wednesday, Experian said, “Our goal is to help more consumers with their finances by providing greater choice and convenience to them to access personal finance products at the best prices.
“Over the next year we plan to bring exciting new innovations to market which will help consumers address their needs across their financial lives, while also investing in new areas to further broaden our offering.”