The regulatory body has published analysis focusing on the potential competition impacts of Big Tech’s entry in four vital retail sectors: payments, deposit taking, consumer credit and insurance.
No regulatory changes are being proposed at this stage; the purpose of the paper is to encourage discussion and inform future regulatory decisions as part of the UK’s new pro-competitive regime for digital markets.
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Sheldon Mills, FCA executive director of consumers and competition said: “In recent years, Big Tech’s entry into financial services, in the UK and elsewhere, has demonstrated their potential to disrupt established markets, drive innovation and reduce costs for consumers.
“Across the world, we’ve seen the capability of Big Tech to offer transformative new products in areas such as payments, deposits and consumer credit.
“We want to make sure that these benefits are fully realised while, at the same time, ensuring good consumer and market outcomes.
“This is vital when we consider the role of Big Tech firms in the provision of key technological infrastructure like cloud services.
“The discussion we are starting today will inform the FCA’s pro-competitive approach to digital markets, and I encourage consumers, firms and fellow regulators to join the conversation."
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