HM Government have introduced powerful data analysis tools to help govern you. This article speculates on the FCA useage of the same tools.
HMRC are first out of the blocks, because they now have access to their AI tool Connect, which added £4.6bn of previously uncollected revenue in 2024-25 The big data network roots out non-compliant taxpayers. In total, 540,000 cases were enabled through HMRC’s use of Connect data in 2024-25. AI suits big data.
Connect captures information from multiple data sources and builds networks from this data “Allowing HMRC to see patterns and links in the mass of data, that would be impossible for humans to spot, enabling the quick and efficient interrogation of information from a wide range of both internal and external data sources.” Big data is where AI is making its first inroads.
You can expect this sort of AI is already being applied to the FCA data gathering tools. Numerous speeches have inferred greater data collecting powers, and oblique references to the “data lake of information” that they draw from. There has never been a better time to be focus on data in your practice. Use data to defend yourself. Build systems and controls to scale your business.
BAT aims to replace conventional compliance solutions with data inputs led by advisers, and churned by AI into reports for compliance.