tax inspector investigating financial documents through magnifying glass, forensic accounting or financial forensics, inspecting offshore company financial papers, documents and reports.

The U.K.’s Financial Conduct Authority (FCA) is undertaking a review of market data and advanced analytics that will assess whether there’s adequate competition and fair pricing for data.

The FCA has issued a paper seeking feedback on the use of market data and analytics — particularly trading data and financial benchmarks — in wholesale financial markets.

In the paper, the regulator said that its previous studies suggested that “trading venues and benchmark administrators may not face sufficient competitive pressures, allowing them to charge high prices to clients and competitors.”

This latest consultation will further examine whether data and analytics are competitively priced, as well as any risks they may create.

“As the demand for data increases, firms that generate data may be able to use or market their data in ways which create poor outcomes for users and ultimately end-consumers, in particular, data generators increasing charges or limiting the availability of data,” the FCA said.

The consultation will also look at the effects of innovation in the data and analytics business and its impact on competition and market integrity, and whether there are barriers to innovation.

The FCA said that it will use the results of its consultation to determine whether it needs to take action to address possible harm.

“More efficient, comprehensive and timely data for wholesale market participants have the potential to generate significant benefits. But these changes may also create new risks that may require us to act,” said Christopher Woolard, executive director of strategy and competition at the FCA.

“We are launching this review to better understand any risks and assess whether FCA action is needed,” he added.

The deadline for the consultation is May 1.

The FCA aims to publish the results of its consultation and any next steps that it plans to take in the fall.