Article summary
The Financial Conduct Authority (FCA) has launched a call for input (CFI) in relation to whether the data asymmetry between Big Tech and financial services firms could lead to Big Tech firms gaining entrenched market power in financial services. The FCA also wants to better understand the potential benefits that could arise from greater use of Big Tech firms’ customer data in financial services. The FCA is also asking for evidence on other significant factors that have evolved since it published its feedback statement FS23/4 on the potential competition impacts of Big Tech entry and expansion in retail financial services, and whether these could lead to Big Tech firms gaining market power in financial services. The FCA has requested feedback by 22 January 2024.
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