| Link(s): | FCA launches discussion on competition impacts of Big Tech on financial services industry | FCA |
Context
The FCA has issued a Discussion Paper which is seeking views on the potential competition benefits and harms from Big Tech firms’ entry into a range of retail financial services sectors.
Key points to note
- To begin the discussion the FCA has published analysis focusing on the potential competition impacts of Big Tech’s entry in four vital retail sectors: payments, deposit taking, consumer credit and insurance.
- No regulatory changes are being proposed at this stage, and the FCA’s paper aims to stimulate discussion to inform its regulatory approach to Big Tech firms as part of the new UK pro-competitive regime for digital markets.
Next actions
The FCA is inviting responses by 15th January 2023 and will be hosting an expert panel event on 28th November, followed by sector specific workshops on 6th and 7th December. You can register here for the event. The FCA plans to publish a Feedback Statement in the first half of 2023 setting out how it will develop its regulatory approach in response to the feedback received.