tech
Palantir extends reach into British state as it gets access to sensitive FCA data
Exclusive: Allowing US tech firm to analyse intelligence in name of tackling fraud raises fresh concerns over privacy
TL;DR
- Palantir has been granted access to sensitive UK financial regulation data by the Financial Conduct Authority (FCA).
- The contract is a three-month trial aimed at using AI to tackle financial crime like fraud and money laundering.
- Concerns have been raised about privacy and Palantir's ethical reliability given the sensitive nature of the data, which includes phone recordings, emails, and social media posts.
- Palantir already holds over £500m in UK public deals with entities like the NHS and Ministry of Defence.
- The FCA maintains Palantir will act as a data processor under strict controls, with data remaining UK-hosted and encrypted, and intellectual property retained by the FCA.
- Despite guidelines encouraging synthetic data, the FCA opted for real data for a worthwhile test.