ICO responds to FCA call for views: Big Tech entry into financial services

24/01/2023 | ICO

The Information Commissioner's Office (ICO) has responded to the Financial Conduct Authority's (FCA) discussion paper: The potential competition impacts of Big Tech entry and expansion in retail financial services. In its response, the ICO highlights that data protection law is the "guardrails that ensure all firms' (including Big Tech firms') data processing activities respect individuals' information rights and limit the risks of harm. Firms must abide by the principles that lie at the heart of the UK GDPR." The ICO confirms it is prepared to engage with the FCA on this topic and looks forward to exploring areas of overlap between the two regulatory regimes.  

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