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On 22 June 2022, the UK Financial Conduct Authority (FCA) closed its consultation on the use of synthetic data in the financial services sector. The call for input aims to determine the ways in which synthetic data could be of use in the financial sector, as well as potential drawbacks and challenges. Synthetic data is generated by algorithms, rather than being based on real-world events, although it attempts to simulate such real data. Assuming that real individuals cannot be identified from synthetic data, the GDPR would not apply.
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