![]() Partnerships with Big Tech can offer opportunities – particularly by increasing competition for customers and stimulating innovation – but we need to test further whether the entrenched power of Big Tech could also introduce significant risks to market functioning. And we are mindful of the risk that Big Tech could pose in manipulating consumer behavioural biases. We are also considering the risks that Big Tech may pose to operational resilience in payments, retail services and financial infrastructure. We have announced a call for further input on the role of Big Tech firms as gatekeepers of data and the implications of the ensuing data-sharing asymmetry between Big Tech firms and financial services firms. Today, we published our feedback statement on Big Tech in Financial Services. Big Tech and their gatekeeping of financial data We stand ready to make this a reality for financial services, having been a key thought leader on the topic, including most recently hosting 97 global regulators to discuss regulatory use of data and AI. The Prime Minister said he wants to make the UK the home of global AI safety regulation. At the FCA we are determined that, with the right guardrails in place, AI can offer opportunity. The truth probably embraces both scenarios. It could either displace today’s jobs or enable an explosion in future productivity. Introduction: AI solutions for human problemsĭepending on who you speak to, AI could either lead to the destruction of civilisation, or the cure for cancer or both. We will regulate firms that are designated as Critical Third Parties where they underpin financial services and can impact stability and confidence in our markets.We will only intervene with new rules or guidance where necessary. Our outcomes and principles-based approach to the regulation, including the Senior Managers Regime and Consumer Duty, should mean firms have scope to innovate while protecting consumers and market integrity.Big Tech’s role as the gatekeepers of data in financial services will be under increased scrutiny. ![]() We welcome the government’s call for the UK to be the global hub of AI regulation and will open our AI sandbox to firms wanting to test the latest innovations.Note: this is the speech as drafted and may differ from the delivered version Highlights ![]() Location: Economist Impact, Finance transformed: exploring the intersection of finance 2.0 and web3, London ![]()
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