Newton Investment Management, River and Mercantile and Hargreave Hale have been censured by the UK’s financial regulator for breaching competition law in a long-running probe into collusion in the initial public offering market.

Hargreave Hale and River and Mercantile were fined £306,300 and £108,600 respectively, while Newton escaped a financial penalty because it provided information to the Financial Conduct Authority and assisted with the investigation.