The Financial Conduct Authority (FCA) has published a discussion paper on the potential competition benefits and harms from big tech firms’ entry into a range of retail financial services sectors as part of the UK pro-competitive regime for digital markets.
The paper - published today (25 October) - confirms no regulatory changes were being proposed at this stage. The FCA's analysis instead focused on four ‘vital' retail sectors: payments, deposit taking, consumer credit and insurance. "We have chosen these sectors because of their importance to consumers' financial lives and the potential competition impact Big Tech firms' entry and expansion could have on them," the watchdog explained. "In the UK and globally, these are areas where big techs have already entered financial services. We have not focused on wholesale financial markets...
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