FCA’s Palantir deal could expose UK financial data to Trump’s US, critics fear
Summary
The UK Financial Conduct Authority (FCA) is working with the US tech company Palantir to help detect financial crime by using its AI systems on sensitive data. Some UK politicians and campaigners worry this deal might let the US government, under President Trump’s administration, access confidential UK financial information through US laws like the Cloud Act.Key Facts
- Palantir, a US tech company co-founded by billionaire Peter Thiel, uses AI to analyze data for the FCA’s financial crime investigations.
- The FCA’s partnership with Palantir is currently in a 12-week trial phase.
- US laws such as the Cloud Act may require US companies like Palantir to share data with US government authorities.
- UK MP Martin Wrigley expressed concerns about Palantir’s US connections and potential data access by the Trump administration.
- The FCA says it remains the controller of the data and that Palantir only processes data, not controls it.
- Data rights groups warn that US laws like the Patriot Act and surveillance laws could expose UK data held by Palantir.
- Other UK government departments and agencies, including the NHS and the Ministry of Defence, also use Palantir software.
- London’s mayor blocked a separate Palantir contract with the Metropolitan Police over concerns about company values and public money use.
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