UK Financial Authority investigates Big Data and car insurance
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The UK Financial Conduct Authority (FCA) has issued a “Call for Inputs” on Dig Data in retail general insurance. The investigation will include motor insurance and data generated by Connected Cars. The FCA says it is seeking views, supported by examples and evidence where possible, of how Big Data is affecting (and is likely to affect) consumer outcomes and competition in the retail general insurance (GI) sector. We are also seeking views on whether our regulatory framework affects developments in Big Data or unduly constrains innovation in the interest of consumers.