FCA to launch probe into use of Big Data in retail pricing

Financial Conduct Authority

The watchdog announced in its business plan for the coming year that it would seek to broaden out its call for inputs on Big Data, which concluded in September. Last year, FCA CEO Andrew Bailey warned firms about the exploitative use of data to identify the customers that are least likely to switch insurance provider, and price them higher as a result. In the document, the FCA said: “The proposed specific discovery work to look at pricing practices in a limited number of retail general insu