A group of independent CMA panel members has found in its reassessment that the purchase of retail investment platform solutions provider GBST by rival firm FNZ could substantially reduce competition. The CMA is concerned that this could lead to investment platforms – and therefore UK consumers who rely on these platforms to administer their pensions and other investments – facing higher costs and lower quality services. Overall, the evidence the CMA considered, which included additional and updated evidence submitted during the remittal, shows that FNZ and GBST are close competitors and few other significant suppliers offer effective and competitive alternatives. The CMA's findings are based on the companies' own tender data and internal documents, as well as information provided by customers, competitors and other stakeholders. The CMA also found that if FNZ purchased GBST, the merged business would be the largest supplier in the market.