MPs urge UK government to halt contract giving Palantir FCA data access
UK MPs are calling on the government to suspend a contract between the Financial Conduct Authority and Palantir, after it emerged the US data analytics firm will gain access to two years of sensitive internal intelligence data held by the financial regulator. The FCA says the arrangement is intended to help it detect and combat financial crime.
Why this matters: Palantir is not a neutral software vendor. It was built on government surveillance contracts and has deep ties to US intelligence agencies. Now it is getting access to internal data from the body that oversees British banks, hedge funds, and thousands of other financial institutions. That data is not just about companies — it is about people. Financial intelligence data can include details on individuals flagged for suspicious activity, enforcement investigations, and sensitive regulatory filings. Handing that to a foreign private company, with limited public scrutiny, is a real transfer of power. The accountability gap here is obvious: if something goes wrong with how that data is used, who exactly is responsible?
Who should care: Lawyers · Compliance · General readers · AI governance · Policy
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