We’re asking for information on whether the data asymmetry between Big Tech and financial services firms can influence how effectively competition evolves in financial services markets.
Why we’re looking for feedback
We’re looking to gather focused information and evidence on whether the data asymmetry between Big Tech and financial services firms could lead to Big Tech firms gaining entrenched market power in financial services. We also want to better understand the potential benefits that could arise from greater use of Big Tech firms’ customer data in financial services.
We’re also asking for evidence on other significant factors that have evolved since we published our Feedback Statement (FS23/4) and whether these could lead to Big Tech firms gaining market power in financial services.
Who this is for
This Call for Input (CFI) will be of interest to:
- Big Tech firms
- established regulated financial services firms
- smaller challenger firms (including fintech firms)
- trade bodies of regulated firms
- groups representing consumers’ interests
- national and international competition authorities and regulators with an interest in digital markets
Next steps
You can find a full copy of the questions we’re looking for input on in Annex 1.
Please send us your feedback by 22 January 2024.
You can email your feedback to [email protected].
You can also email us if you’d like to discuss this work before sending us your submission.
We intend to report back on the CFI in Q2 2024. We’ll set out our analysis of the evidence we receive and any subsequent action we may take.
Background
The CFI follows feedback we received on our Discussion Paper on the potential competition impacts of Big Tech entry and expansion in retail financial services (DP22/5), one of the key themes of which was on the role of data access and data sharing.
We summarised the feedback we received to DP22/5 in our Feedback Statement (FS23/4).