The UK’s Financial Conduct Authority (FCA) launched a consultation on Tuesday on the use of “Big Data” in financial services, which will focus on retail general insurance sector.

The FCA notes that “Big Data” is being used increasingly throughout financial services and its review will focus on the retail general insurance sector because of how extensively these data are already being used in the sector and because of the sector’s significance for consumers. (“Big Data” involves compiling very large datasets from a wide array of sources including everything from Internet search data to credit and debit card purchase information, social media postings, and mobile phone usage, to try and gain new insights into consumer behaviour.)

The FCA’s consultation will focus on three major areas: whether Big Data affects consumer outcomes; their impact on competition; and whether the regulatory framework affects developments in Big Data.

“Big Data is having an ever-growing social and commercial impact, and has the potential to transform practices and products across financial services. We are starting our work on Big Data by seeking to better understand how insurance firms are using data and how this may evolve in the future,” says Christopher Woolard, director of strategy and competition at the FCA, in a statement.

“We are keen to talk to both consumers and industry to understand Big Data’s impact on firms’ decisions and, in turn, the effects that this is having on consumers,” he adds. “We will then be able to consider what further steps may need to be taken.”

The consultation will close on Jan. 8, 2016. The FCA says it will be meeting with firms, consumer groups, industry bodies and others. The regulator will begin to seek data from firms starting in December to help inform any next steps, including any changes to regulatory policy or guidance; or any other sort of regulatory intervention. It plans to announce any changes by mid-2016.