Big Tech and Retail Financial Services: FCA’s Latest Insights and Policy Initiatives

August 9, 2023

On 12 July, 2023, the Financial Conduct Authority published a Feedback Statement summarising responses to its October 2022 Discussion Paper entitled “The potential competition impacts of Big Tech entry and expansion in retail financial services.”

The primary aim of the Discussion Paper was to stimulate dialogue among stakeholders about how the entry of what it calls “Big Tech” firms into retail financial services could benefit consumers most, and where harm might occur if competition does not develop effectively. Specifically, the Discussion Paper focused on four retail financial services sectors - payments, deposits, consumer credit, and insurance – and considered the activities of Google, Apple, Facebook and Amazon in these sectors.

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