Synthetic Data Expert Group update on progress

The Financial Conduct Authority (FCA) has published a press statement to provide an update on the progress of the Synthetic Data Expert Group (SDEG). The group was established in March 2023 to explore the use of synthetic data in financial markets. It consists of 21 experts from various (business) sectors, including financial market participants, technology vendors, consumer groups, and the public. The group is scheduled to run through November 2024 and aims to provide practical synthetic data insights for practitioners and policymakers by that time. This involves producing a report on synthetic data use cases and related issues such as bias mitigation, system testing, and data sharing. Some of these use cases will involve „fraud detection and controls, credit scoring, anti-money laundering (AML) and open banking“.
The SDEG also plans to create a collaborative framework for public-private sector partnerships on synthetic data use cases, particularly focusing on priority areas like fraud via the FCA’s digital sandbox. Input and industry views on the framework’s design are welcome, particularly as regards the focus on fraud-related use cases. Those interested in synthetic data matters and keen to find out about the report’s findings are encouraged are encouraged to get in touch with the SDEG via email at SyntheticDataEG@fca.org.uk.