FCA has issued its feedback statement following its call for input on synthetic data. The call for input looked to probe how best to access quality data to help develop new products and services while protecting consumers’ right to privacy. FCA has found various Privacy Enhancing Technologies, including synthetic data, to be a potentially helpful development. Respondents agreed that data is crucial and particularly highlighted its uses for financial crime prevention purposes, specifically because of its ability to augment rare patterns of behaviour in a dataset. FCA will now undertake further research, including continuing engagement with the ICO and hosting round tables, including a planned roundtable with the ICO and the Alan Turing Institute. It will also continue exploring how best to use the digital sandbox and will be creating a bespoke Expert Group, for which it will invite applications to join.
