The UK’s Competition and Markets Authority (CMA) has provisionally blocked the merger of two major fintech and wealthtech companies, arguing the deal could result in higher costs and lower service quality for customers.

Global fintech FNZ purchased Brisbane-headquartered GBST in November 2019 for a reported £150 million, but both firms have an extensive presence in the UK where their services include the supply of retail investment platforms.

The CMA said its investigat...