The Information Commissioner's Office (ICO) has responded to a Financial Conduct Authority call for Input into potential competition impacts from the data asymmetry between Big Tech and firms in financial services. In its response, the ICO concluded that data protection and competition share similar objectives. As such, regulators aim to reduce power imbalances and promote user autonomy, choice, and control in data-driven markets to support information rights and healthy competition. It highlighted the re-use and re-purposing of personal data along with data sharing as key issues.
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