FCA seeks input on use of synthetic data to support financial services innovation

FCA wants to better understand different market participants’ views on the extent to which synthetic data can expand data access and data sharing opportunities in the market. FCA is evaluating the maturity of synthetic data usage within financial services, and the extent to which both regulated and unregulated firms are using it. FCA is also interested in what the industry sees as the role of the regulator in the provision of synthetic data, particularly regarding FCA’s competition remit, and the appetite of firms to collaborate with regulators and/or other organisations to generate synthetic data.

FCA’s call for input can be found here and responses can be submitted via an online form by 22 June 2022.

Harshil Patel