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Well, yes……

The UK’s City watchdog is to examine how to regulate “big tech” companies such as Apple, Google and Amazon over fears they could harm competition in Britain’s financial services sector.

The Financial Conduct Authority (FCA) said that big tech companies could provide innovations in financial services and drive down costs, but also expressed concerns that they could build dominant positions leading to the “potential exploitation of market power”, according to analysis published on Tuesday.

The time to worry is when they try to exploit market power. Right now is the time to let them innovate and drive down costs…..because if we worry about the potential market power now then we’ll never allow the innovation nor get the reductions in costs……

8 thoughts on “Well, yes……”

  1. But, but, if they wait for the innovations and cost driving to happen then the proles might start to like those innovations!

  2. The time to worry is when they try to exploit market power.

    Yarp, imagine if Google, Amazon and Apple threw their political weight around and started regulating what perfectly lawful opinions you you’re allowed to share on the internet.

  3. Yarp, imagine if Google, Amazon and Apple threw their political weight around and started regulating what perfectly lawful opinions you you’re allowed to share on the internet.

    Oh, come on, next you’ll be saying they’ll take away your banking services and prevent you from making a living.

  4. As it’s the Guardian, their main concern with innovation is that you never know what the bastards will come up with until they’ve done it. What if loads of people start using something new that society hasn’t approved of in advance? Stifling this is a feature not a bug.

  5. PJF – I feel sure that’s crazy conspiracy talk, like what that American loony Alex Jones was talking about before he was in unrelated news banned from all mainstream internet and financial services and then financially ruined forever.

  6. The UK’s City watchdog is to examine how to regulate “big tech” companies based in America which have armies of lobbyists in Washington to defend their interests, and incredibly complex operations spread across many different countries. I suspect that whatever answer they come up with will boil down to “yikes, that’s way too difficult, let’s just forget about it and move on (but give us more funding anyway)”.

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