FCA Scrutinizes Big Tech’s Data Sharing Practices in Financial Services

The UK’s Financial Conduct Authority (FCA) is investigating how big tech firms’ access to vast amounts of data could benefit consumers and finance companies. If the FCA’s analysis finds that tech firms’ data could be beneficial in the financial services sector, it would aim to encourage more data sharing between tech and financial companies. The FCA is also concerned about the potential risks or harms from non-sharing of data and would collaborate with the Competition and Markets Authority (CMA) to develop proposals to enhance data sharing where feasible.

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