A response to the FCA's November request for comments on data sharing between Big Tech and financial services companies includes the agency's Big Tech objectives. Big Tech companies currently have access to financial services data via Open Banking, but they are not obligated to share such data with the financial sector.

"Big Tech's growing emergence in financial services has already made life easier for consumers, but it is still unclear how valuable their data will become in financial markets," says Nikhil Rathi, chief executive of the Financial Conduct Authority.

"That’s why we want to work with Big Tech to examine how their data could be most helpful for financial firms and their customers in future, and to ensure competition evolves effectively."

According to him, the FCA would attempt to incentivize more data sharing between Big Tech and financial firms through its Open Banking and wider Open Finance initiatives if its investigation shows that Big Tech data is valuable in the financial services industry.

When the Competition and Markets Authority (CMA) is granted the authority to regulate the digital and data conduct of designated firms—presumably through the Digital Markets, Competition and Consumers (DMCC) Bill—it will seek to formulate recommendations for the CMA to take into account any potential risk or harms resulting from non-sharing of data.