In a statement, the Financial Conduct Authority (FCA) announced that it will continue with its plans to offer synthetic data in order to drive innovation within the financial services sector. The FCA's Feedback Statement forms part of the regulator's broader work on synthetic data and Privacy Enhancing Technologies, and a response to the consultation launched in March 2022. Respondents said it “would be useful as a supplement to efforts to combat financial crime, and for environmental, social and governance purposes” because new privacy laws make it more difficult for third parties to utilize individual’s financial data. Over the coming weeks, the FCA, Alan Turing Institute, and Information Commissioner's Office will announce a roundtable event to discuss synthetic data validation challenges.
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