In 2018, the Department for Business, Energy and Industrial Strategy (BEIS) published its Modernising consumer markets: green paper announcing the launch of a Smart Data Review.
The resulting review highlighted the high potential of harnessing the power of data in consumer markets. It set the vision to foster the development of Smart Data initiatives in markets such as financial services, energy and communications, where consumers often find it difficult to identify the best-suited service providers, switch to new services, or receive support and advice on the options available.
The review was followed by a two-month consultation period, guided by fifteen questions across three key themes:
- Accelerating the development of innovative data-driven services in consumer markets
- Using data and technology to help vulnerable consumers
- Ensuring consumers and their data are protected
Summary of the Finance and Economics Programme's submission
The Turing researchers see high potential in developing a consistent and coordinated approach to data sharing and consumer friendly innovation. We also welcome the Government’s motivation to put in place specific measures to protect consumers in vulnerable circumstances.
Our response summarises the key economic, ethical, regulatory and technical considerations associated with the Smart Data vision, by addressing the specific consultation questions. Additionally, the response includes the researchers’ overall observations focused on:
- Achieving clarity of definitions and scope of Smart Data
- Exploring ways to build the National Data Infrastructure
- Maintaining the balance between innovation and regulation
We are open to engaging further in the development of the Smart Data strategy in consumer markets.