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Stock Markets March 11, 2026

Turkish watchdog opens probe into 65 audit and advisory firms; markets react as Erdogan speaks on Iran

Investigation targets possible fee coordination and labour-market practices; BIST gauges impact while president urges diplomacy over Iran conflict

By Priya Menon
Turkish watchdog opens probe into 65 audit and advisory firms; markets react as Erdogan speaks on Iran

Turkey's competition authority has launched an inquiry into 65 auditing and financial advisory firms, including the Turkish operations of global accounting networks KPMG, PwC, Deloitte and EY. The probe, which will examine whether firms coordinated on pricing or engaged in anti-competitive conduct in the labour market, coincided with modest losses on Turkish equity benchmarks. Separately, President Tayyip Erdogan told parliament that the war in Iran must be halted before it engulfs the region and urged diplomatic efforts, saying Turkey is engaging with all sides to seek a resolution.

Key Points

  • Turkey's competition authority has opened an investigation into 65 audit and financial advisory firms, including Turkish units of KPMG, PwC, Deloitte and EY.
  • The probe will examine whether firms coordinated on service fees or engaged in anti-competitive practices in the labour market, per the authority's statement.
  • The announcement coincided with market declines: the country’s main banking index fell 2% and the BIST 100 declined 1%.
  • President Tayyip Erdogan told parliament the war in Iran must be stopped before the whole region is "thrown into the fire" and said Turkey is engaging with all sides to seek an end to the conflict.

TURKEY - The national competition authority announced it has opened an investigation into 65 companies operating in the auditing and financial advisory sector, identifying among them the Turkish units of KPMG, PwC, Deloitte and EY.

According to the authority, the purpose of the probe is to determine whether firms and professional organisations in the sector coordinated on service fees or engaged in anti-competitive practices within the labour market. The announcement points explicitly to potential coordination of pricing and to labour-market conduct as the areas under examination.

The news reverberated through Turkish financial markets on Wednesday. The country’s main banking index fell 2% following the announcement, while the broader BIST 100 slipped by 1%.

In a separate development the same day, President Tayyip Erdogan addressed lawmakers in parliament about developments in Iran. He said the war in Iran must be stopped before the entire region is "thrown into the fire," and added that bringing the conflict to an end would be possible if diplomacy is afforded an opportunity. Erdogan also stated that Turkey was engaged with all sides in efforts to seek an end to the war.

The two items - the competition authority’s investigation and the president’s remarks on Iran - were reported contemporaneously and were reflected in the market moves recorded on Wednesday.

Details released by the competition authority focus on possible collusion over service charges and alleged anti-competitive behaviour in the labour market. The firms named include the Turkish units of major global accounting networks, as cited by the authority.

President Erdogan’s comments to parliament emphasised the need for diplomatic channels to be used to halt the conflict in Iran and portrayed Turkey as actively engaged with multiple parties in search of a resolution.

Both developments were presented by officials in public statements and were linked in market reactions observed during trading on Wednesday.

Risks

  • Findings of coordinated service fees or anti-competitive labour practices could have implications for firms operating in the auditing and financial advisory sector and for professional services market dynamics.
  • The competition probe has already been associated with downward pressure on financial shares, as seen in a 2% drop in the main banking index and a 1% slide in the BIST 100.
  • Escalation of the conflict in Iran remains a regional risk cited by the president; he warned that the war must be stopped to prevent wider regional consequences and called for diplomatic efforts.

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