Christopher Houssemayne du Boulay in The Guardian on FCA’s AI contract with Palantir

Business Crime partner Christopher Houssemayne du Boulay has spoken to The Guardian about the FCA’s decision to allow the AI company Palantir access to its data.

The newspaper reports that Palantir’s Foundry AI tool will, for a three month trial period, have access to FCA files including case intelligence files; lender reports on suspected frauds; consumer complaint information; and recordings of phone calls, emails and trawls of social media posts.

Christopher Houssemayne du Boulay told The Guardian that the Palantir contract raises significant privacy concerns.

“When the FCA carries out an enforcement investigation, it has powers to compel firms to hand over vast quantities of data,” Christopher said.

“We could be talking about hundreds of whole email accounts and full financial records. Many innocent people will be caught up in that and the data may contain bank account details, email addresses, telephone numbers and other personal information.

“If you ingest that data and use it to train an AI system, there are very significant privacy concerns. There should be serious confidentiality requirements regarding what Palantir does with the data.”

More on The Guardian website.