UK regulator launches inquiry into Apple’s, other tech firms’ financial services

This week the UK’s Financial Conduct Authority launched an investigation into Apple, Amazon, Google and Meta’s moves in retail financial services.

Apple card

Tim Bradshaw for the Financial Times:

He is asking Big Tech companies, their partners and potential rivals for their views on Silicon Valley’s expansion into payments, deposits, credit and insurance.

While acknowledging that consumers could benefit in the short term, the FCA suggests that Big Tech companies may be able to “leverage their ecosystems” and large data repositories to “lock consumers”, as in other markets where they need to. already face regulatory scrutiny, such as as a mobile app store.

All four companies hold FCA permits for UK payment processing and their pace of expansion in financial products appears to be accelerating ….

This was stated by Sheldon Mills, FCA’s executive director of consumers and competition Financial Times that the regulator was “looking ahead” waiting for tech companies to expand their presence in the UK financial services market, although some new products, such as Apple’s credit card and new high bank account. yield, are currently only available in the United States.

Note from MacDailyNews: Apple’s new high-yield savings account did not launch in the Wallet app with iOS 16.1 as expected. The launch is expected in the coming months.

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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

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