UK government sets out plans to rein in Big Tech – Yahoo Finance

Large tech companies such as Google and Facebook will have to abide by new competition rules in the UK or risk facing huge fines, the government said.

The new Digital Markets Unit (DMU) will be given powers to clamp down on “predatory practices” of some firms.

The regulator will also have the power to fine companies up to 10% of their global turnover if they fail to comply.

Besides boosting competition among tech firms, the rules also aim to give users more control over their data.

The BBC approached several of the big tech firms, including Apple, Meta and Google, but has received no response.

The Department for Digital, Culture, Media and Sport (DCMS) said as well as large fines, tech firms could be handed additional penalties of 5% of daily global turnover for each day an offence continues.

For companies like Apple that could be tens of billions of US dollars.

“Senior managers will face civil penalties if their firms fail to engage properly with requests for information,” the…

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source: https://news.oneseocompany.com/2022/05/05/uk-government-sets-out-plans-to-rein-in-big-tech-yahoo-finance_2022050519264.html

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