FCA exploring how Big Tech data can aid financial services

Big Tech

The U.K. Financial Conduct Authority (FCA) reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.

The initiative, discussed in a speech delivered by FCA Chief Executive Nikhil Rathi on Monday, follows a call for input the agency published in November seeking information on whether data asymmetry between Big Tech and finance could influence how effectively competition evolves in financial services markets.

Rathi said respondents to the call did not identify immediate harms from data asymmetry but noted more access to data from Big Tech could have significant value.

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