There are many aspects of data to be considered, not just data protection, where the EC is moving forward with reforming EU rules.
Ownership and management of data flows, use and re-use of data, together with data storage, all underpin important emerging sectors such as cloud computing, the Internet of Things and big data.
Online platforms are pivotal in this regard. With more than 1trn web pages on the internet, and more appearing every day, platforms are an important way of bringing people and online information together, generating, accumulating and controlling an enormous amount of data.
Their influence shapes much of our online behaviour and it would be hard to imagine life without them. Platforms certainly contribute a great deal to Europe’s society and economy. They have innovated considerably, transforming whole sectors and challenging traditional business models.
But there are concerns from many quarters about their control of data, market strength and bargaining power, as well as various aspects related to access.
We need to be prepared for the fact that UK financial services platforms are likely to be included within the EU remit, so Tisa’s Technology Innovation council is going to concentrate on data as one of its key policy themes.
The EC is now gathering evidence on the issues in order to know and understand clearly whether there really are problems, and if so, how to deal with them. The strategy will also look into factors such as access, openness and how to ensure that platforms are instruments of opportunity.
So while it is important to continue to work with the FCA to overcome the regulatory barriers to innovation in the UK financial services market, we must also get involved in the EU review.
An extensive consultation with all parties involved is being implemented by the EC from September to spring next year.
Tisa is going to collaborate with other UK FinTech partners, FCA and government bodies to help represent the position of UK consumers and financial services platform operators. We will also consider if new measures are needed and what impact they might have on incentives to innovate and deliver new services.
After all, that is the whole point of the digital market strategy, to make sure that we make the most of the great potential that the online age offers us.
David Dalton-Brown is director general of Tisa
