FCA launches discussion on competition impacts of Big Tech on financial services industry

Since the initial 2022 discussion paper, the FCA has shifted from "starting a conversation" to active, data-driven oversight. As of March 2026, the regulator's approach is characterized by a "leveling of the playing field," where the focus has moved from Big Tech's potential entry to their role as "gatekeepers" of critical digital infrastructure—specifically digital wallets and cloud services.

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