The Digester

The Financial Conduct Authority has appointed Palantir for a paid three-month trial to analyse its internal 'data lake' to help detect financial crime, a move the regulator says will keep data under its control but that has prompted privacy and oversight concerns.

The FCA awarded Palantir a three-month trial to analyse its internal data lake to help tackle fraud, money laundering and insider trading.
Palantir will be paid more than £30,000 a week and the trial could lead to a full procurement of its Foundry AI system.
The contract designates Palantir as a data processor not a data controller, with the FCA retaining encryption keys, hosting data in the UK and requiring data destruction after the trial.
Data to be analysed includes highly sensitive case intelligence, recordings, emails, lender reports and consumer complaints, and the FCA decided real data was necessary rather than synthetic data.
There was one other unnamed competitor and Palantir already holds over £500m in UK public contracts, including deals with the NHS and the Ministry of Defence.
Experts and some FCA staff have raised privacy and oversight concerns about onward use of methodologies and the handling of sensitive information.

Palantir gets access to sensitive FCA data in three-month trial

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