6 May 2022
U.K. Government Unveils Plans to Regulate Big Tech Firms
The Index Today
The U.K. government has announced that Big Tech companies like Google and Facebook will now have to adhere to a set of new upcoming competition regulations in order to avoid running the risk of incurring enormous fines in the country.
According to BBC News, the government’s new Digital Markets Unit (DMU) has been authorized to monitor and check certain “predatory practices” of some of the tech companies. In addition, to enhance competition among firms, the new rules also seek to afford users more autonomy over their online data and information.
The DMU has also been commissioned to impose as much as 10% of companies’ global turnover in fines under the circumstance of non-compliance. The Department for Digital, Culture, Media, and Sport (DCMS) also revealed that in addition to substantial penalties, noncompliant companies will also be required to pay 5% of daily global turnover for every persisting day of the offence in fines.
The government stated, "Senior managers will face civil penalties if their firms fail to engage properly with requests for information."