"MPs have urged the government to halt its latest contract with Palantir, after the Guardian revealed the US spy-tech company is to gain access to a trove of highly sensitive UK financial regulation data."
"Insiders at the FCA, where security-cleared Palantir staff are to gain access to FCA data in a 12-week trial, have questioned if there are sufficient safeguards to prevent its data lake from being exploited in unintended ways."
"The FCA has insisted that Palantir will be a data processor, not a data controller meaning that it could only act on instruction from the regulator."
"Concerns about the potential for data about sensitive FCA investigations into high-profile figures to be accessed during Palantir's work have been raised."
The UK government faces pressure to stop its contract with Palantir, which will access sensitive financial regulation data. The Financial Conduct Authority has hired Palantir to utilize AI on two years of internal data to combat financial crime. Concerns arise from Palantir's connections to Donald Trump and its extensive contracts in the UK. Insiders question the safeguards against data misuse, particularly regarding sensitive investigations. The FCA maintains that Palantir will only process data under its direction and will control encryption keys for sensitive files.
Read at www.theguardian.com
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