Regulatory Alerts2022-10-19
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FS23/4: Potential competition impacts of Big Tech entry and expansion in retail financial services
The document states that no regulatory or policy changes are being proposed at this stage. It outlines three next steps: launching a Call for Input on Big Tech firms as gatekeepers by the end of 2023, reviewing the supervisory approach for Big Tech firms, and continuing work with the Government and the Digital Markets Unit. The text summarizes feedback received on Discussion Paper DP 22/5 regarding potential competition benefits and harms from Big Tech entry in payments, deposits, consumer credit, and insurance.
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