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Newsmaker: UK watchdog warns financial firms over Big Data

Reuters  |  LONDON 

By Huw Jones and Carolyn CohnLONDON (Reuters) - Britain's banks and insurers must take the lead in spelling out how they will use data collected from customers or they could face new rules, Financial Conduct Authority Chair Charles Randell said on Wednesday.Financial firms have been using Big Data on customers, which can include social media use, for example to price motor or health insurance more accurately. But the trend has worried regulators and consumer groups. The use of Big Data requires good communication so that consumers understand and accept a firm's approach to using their data ...

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First Published: Wed, July 11 2018. 15:28 IST