UK Tech Foyer Chief Backs Regulators towards Microsoft, Revolut Spats

Microsoft and Revolut Attack UK Authorities
In light of recent criticism from Microsoft and Revolut, Chief of Tech London Advocates Russ Shaw said the UK regulators should not just “roll over and play useless”. Microsoft encountered problems when the Competitors and Markets Authority (CMA) prevented the merger of Activison Blizzard and Vivendi in response to the authorities’ cancelled plans. The potential for this to hurt competitors in the cloud gaming business was brought up, but the agreement was approved by antitrust authorities in the US and the EU. Concurrently, Revolut had setbacks in obtaining its anticipated banking licence in the UK and faced harsh criticism from its auditor, BDO, who was unable to validate 75% of the revenue disclosed by the fintech company.
The founder of Revolut, Nikolay Storonsky, also described the differences in the regulatory frameworks of the US and the UK, describing the former as “promot[ing] enterprise, enterprise, enterprise” while the latter has demonstrated a recent “slowing down.” Russ Shaw has underlined the significance of the authorities’ duty of “getting firms to behave sensibly” and having “accountability” in response to the UK’s stance on fintech, which runs counter to the country’s expansive goal to spice up the sector.
A hostile climate for tech enterprises may result from the UK’s tighter enforcement, and many tech companies are still awaiting regulatory judgements. The FCA and CMA have the authority to either contribute to or guarantee the demise of UK technology.

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