A new British regulator for giant tech firms like Facebook and Google has been launched on Wednesday with an initial remit to determine if amendments are needed to be done to a code of conduct to improve the balance of power between social media platforms and news publishers.
The U.K. government has set up the Digital Markets Unit (DMU) – a subordinate unit of the Competition and Markets Authority (CMA) – to prevent tech giants from abusing their power for market dominance after the competition regulator claimed that existing rules are lacking.
According to the competition watchdog, the tech giant’s power and superiority have been growing faster, making it beyond many governments’ ability to keep them under control.
According to British Digital Secretary Oliver Dowden, he tasked DMU to study and discover how a code can help in assessing the relationship between media platforms and content providers like news publishers.
He said that this move aims to ensure that their power and reach can be kept as fair and reasonable as possible.
“The Digital Markets Unit has launched and I’ve asked it to begin by looking at the relationships between platforms and content providers, and platforms and digital advertisers,” Dowden said in a statement.