In response to an Financial Conduct Authority speech on tech companies in finance, the Computer & Communications Industry Association issued the following statement:
The following can be attributed to CCIA UK Senior Director Matt Sinclair:
“With so many actual barriers to entry and real consumer harms in financial services, it is striking that the FCA is speculating about the impact of data held by technology firms which it acknowledges have not created significant harms. This kind of signal from the regulator, overreacting to inflated concerns from incumbents, can deter new entrants and services that enable consumer choice. Interventions should be cautious and collaborative in response to such speculative concerns. The FCA needs to make clear that financial services are not a closed shop and it is looking out for the interests of consumers.”