On 24 November 2023, the Financial Conduct Authority (FCA) published a Call for Input on the potential competition impacts arising from the data asymmetry between Big Tech firms and firms in financial services.
The Call for Input follows the FCA’s October 2022 Discussion Paper regarding the potential competition impacts of Big Tech entry and expansion in retail financial services, and its July 2023 Feedback Statement summarising the responses to the Discussion Paper.
The Call for Input primarily seeks stakeholder feedback on whether any data asymmetry between Big Tech firms and financial services firms exists, what the strategic relevance of such data asymmetry might be, and what impact it might have on competition in the financial services sector.
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