Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), will say in a speech today that the dominance of big tech combined with a boom in AI could pose “significant risks to market functioning”.
“What does it mean for competition if Big Tech firms have access to unique and comprehensive data sets such as browsing data, biometrics, and social media?,” he is expected to say to an audience at the Economist Impact Finance Transformed event.
He will suggest that such access will enable big tech companies to predict consumer behaviour around the world with greater accuracy than any financial institution.
The idea that people can predict consumer behaviour is a problem because?
The real problem here is that some tosser who doesn’t grasp this is actually in a position of bureaucratic power.