‘Big Tech a priority’ says FCA Chief Executive

Summary:

According to a speech by the FCA's Chief Executive Nikhil Rathi, the regulator plans to examine how Big Tech firms' unique access to large sets of data can benefit consumers and businesses in the financial services sector. This includes unlocking better products, more competitive prices, and wider choice through data sharing between Big Tech and financial services firms. The regulator aims to incentivize data sharing if it finds the data is valuable in financial services and will develop proposals for regulating designated firms' digital and data conduct if it identifies potential risks or harms. The initiative is part of the Digital Regulation Cooperation Forum's (DRCF) efforts to promote coordination among regulators and facilitate innovation in digital and AI technologies.