UK's FCA plans to scrutinize big tech firms' data sharing practices in the financial sector.

The UK's Financial Conduct Authority (FCA) is set to scrutinise big tech firms and their data sharing practices. FCA CEO, Nikhil Rathi, revealed plans to investigate how these companies' access to vast amounts of data could lead to improved financial products and more consumer choice. If the FCA's analysis determines that tech firms' data could be beneficial in the financial sector, it would look to incentivise more data sharing between tech and financial firms through systems such as Open Banking.

April 22, 2024
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