A financial regulator in the United Kingdom has begun investigating Big Tech’s growing investments in credit cards and banking.
The Financial Conduct Authority launched an inquiry on Tuesday into decisions by Apple, Amazon, Google, and Meta to offer financial services, such as processing payments, taking deposits, issuing credit, and offering insurance. The regulator was worried about the companies achieving dominance in the country’s financial markets.
“We want to make sure that these benefits are fully realized while, at the same time, ensuring good consumer and market outcomes,” said Sheldon Mill, executive director of consumers and competition at the FCA, in a press statement. “This is vital when we consider the role of Big Tech firms in the provision of key technological infrastructure like cloud services.”