FCA launches discussion on competition impacts of big tech on financial services industry

The FCA is seeking views on the potential competition benefits and harms from Big Tech firms’ entry into a range of retail financial services sectors. In the announcement, they say that Big Tech firms’ presence in UK financial services markets has been steadily increasing, with the potential to expand further and change markets quickly.

Looking ahead, the FCA recognise that in the short-term the Big Tech companies may provide low-price services, but that this might squeeze out other firms and leave a monopoly.

The FCA is inviting responses by 15 January 2023.

Source:  FCA