On 30 March 2022, the FCA published a call for input regarding synthetic data to support financial services innovation. The FCA aims to understand the existing market maturity of ‘synthetic data’ within financial services and its potential for safely opening data sharing between firms, regulators and other public bodies.
Financial data, such as consumer transaction records, account payments, or trading data is sensitive personal data subject to data protection obligations; this is where synthetic data can help. Synthetic data is a privacy preserving technique that could open up more opportunities for data sharing by generating statistically realistic, but artificial data that is readily accessible.
The FCA is asking for input to ensure that their innovation services remain fit-for-purpose in the digital age. It is particularly interested to hear from:
- RegTechs and FinTechs.
- Technology firms.
- Regulators and policy-making bodies.
The deadline for responses is 22 June 2022.