On 1 November 2023, the FCA published an update on the Synthetic Data Expert Group (SDEG).

The FCA set up the SDEG in March 2023 to further explore the use of synthetic data in financial markets. The update has been published following the first four meetings of the SDEG between May and October 2023 and invites feedback on the group’s progress.

The update highlights the following:

  • The group plans to run until November 2024 and aims to provide practical and tangible synthetic data insights for practitioners and policymakers.
  • The SDEG will produce a report providing practical experiences of using synthetic data to help practitioners and policymakers.
  • There are also plans for the SDEG to create a framework that enables organisations to collaborate on synthetic data use cases, for example by using the Digital Sandbox. The framework is in the early stages of development and will likely focus on some of the identified priority use cases, such as fraud.

The SDEG notes that it is always seeking to connect with experts on synthetic data related matters and invites feedback on the progress update and on the SDEG more broadly.