FCA Sets Out Plans To Make Big Tech A Priority And Provides Update On Its Approach To AI

On 22 April 2024, the Financial Conduct Authority (FCA) published a speech by its chief executive, Nikhil Rathi, entitled 'Navigating the UK's Digital Regulation Landscape: Where are we headed?'. In the speech, Mr Rathi announced the FCA's plans to focus on Big Tech, which are included in Feedback Statement FS24/1 (published alongside the speech). The speech also covered the FCA's response to the Government's White Paper on Artificial Intelligence (AI), which was also published in parallel with the speech.

The speech: key points

As part of his speech, Mr Rathi explained that the FCA plans to examine how Big Tech firms' unique access to large sets of data could unlock better products, more competitive prices and wider choice for consumers and businesses. He noted that whilst the growing emergence of Big Tech in financial services has already made life easier for consumers, it remains unclear how valuable their data will become in financial markets. If the