BRC response to FCA consultation on Big Tech entry to financial services

The FCA have recently published a discussion paper which looks at the potential competition impacts of Big Tech entry to financial services.

We can see hypothetical scenarios that both hinder as well as advance competition, dependent on what these companies decide to do and how the wider financial landscape develops over time. It is difficult to make judgements, but do believe the competition element could be more complex than initially perceived.

We responded to the discussion paper as we felt there were some important points to make, specifically on how Big Tech could impact the payments space.