Big Tech data for finance: Will FCA plans set trend?
By 
Neil Hodge2024-06-04T12:26:00
Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.
Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), set out during a speech in April the regulator’s plans to examine how access to Big Tech firms’ large data sets could be used by financial services firms to sell more/better products and reduce pricing.
The FCA is looking at whether Big Tech’s vast troves of consumer data could benefit the sector for activities like personalized marketing, credit scoring, and product development.
Related articles
-
News BriefFinal CFPB rule requires Big Tech pay apps to comply with bank rules
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau.
-
PremiumCompanies are slowing AI launches in Europe, some say European Union regulations are why
The European Union’s Digital Markets Act is forcing many Big Tech companies to postpone the launch of artificial intelligence-powered features, like Apple Intelligence, over user privacy and data security concerns.
-
PremiumExperts warn FCA review prompts firms to declassify or retain PEPs
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
More from Regulatory Policy
-
ArticleCalifornia climate rules cause uncertainty as CARB delays draft guidance
California has delayed the release of draft greenhouse gas reporting rules for businesses until early 2026, the California Air Resources Board said.
-
PremiumNew EU Data Act may impact companies’ GDPR compliance efforts
New rules that have recently come into effect across the EU will allow for greater transfers of data between companies, though experts fear the changes could conflict with Europe’s strict privacy legislation, which protects personal information.
-
ArticleNine states collaborating on data privacy enforcement across state lines
Nine states are collaborating to write and enforce comprehensive data privacy laws, in an effort to protect consumers across jurisdictions and due to the absence of a broad, federal privacy law.