Firms such as Apple, Google and Amazon could harm competition in UK’s sector, Financial Conduct Authority says
The UK’s City watchdog is to examine how to regulate “big tech” companies such as Apple, Google and Amazon over fears they could harm competition in Britain’s financial services sector.
The Financial Conduct Authority (FCA) said that big tech companies could provide innovations in financial services and drive down costs, but also expressed concerns that they could build dominant positions leading to the “potential exploitation of market power”, according to analysis published on Tuesday.
