EU asks whether the financial sector’s use of big data needs new rules

European financial regulators are worried that big data techniques might result in restrictions on consumer access to products and services in future, and are considering whether new rules might be needed to tackle the risk of more granular algorithmic analysis leading to discrimination.

While companies processing European Union consumers’ data have to comply with existing EU and national regulations, such as data protection law, consumer protection and competition rules, there are no regulations specific to the financial services sector.

Author: Natasha Lomas


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