beep@piefed.world to Technology@lemmy.worldEnglish · 2 months agoBank of England handed powers to regulate key tech firms including Amazon and Googlewww.gov.ukexternal-linkmessage-square4linkfedilinkarrow-up125file-text
arrow-up125external-linkBank of England handed powers to regulate key tech firms including Amazon and Googlewww.gov.ukbeep@piefed.world to Technology@lemmy.worldEnglish · 2 months agomessage-square4linkfedilinkfile-text
cross-posted from: https://piefed.world/c/tech/p/1255260/bank-of-england-handed-powers-to-regulate-key-tech-firms-including-amazon-and-google
minus-squareBigTwerp@feddit.uklinkfedilinkEnglisharrow-up1·edit-22 months agoThis is specifically only for cloud services provided by e.g. Amazon to financial institutions. It’s an extension of existing powers already applied to the companies that handle financial data. So… Not only is the BoE the right people to to it, they are probably the only people with the expertise to do it.
minus-squareTheJesusaurus@piefed.calinkfedilinkEnglisharrow-up2·2 months agoExcellent. I kind of thought that might be the case but that’s not really regulating big tech… It’s regulating commercial finance, which presumably they had the remit and powers to do already
This is specifically only for cloud services provided by e.g. Amazon to financial institutions.
It’s an extension of existing powers already applied to the companies that handle financial data.
So… Not only is the BoE the right people to to it, they are probably the only people with the expertise to do it.
Excellent. I kind of thought that might be the case but that’s not really regulating big tech… It’s regulating commercial finance, which presumably they had the remit and powers to do already