The UK’s Financial Conduct Authority (FCA) has provided an update on its Synthetic Data Expert Group (SDEG), which was established in March to explore the use of synthetic data in financial markets. The group comprises 21 experts from various sectors, including financial services, the public sector, data and technology vendors, and consumer groups. The SDEG has held four meetings between May and October and is seeking feedback on its progress.
The group is planned to operate until November 2024 and aims to offer practical insights on synthetic data for practitioners and policymakers. This includes the following initiatives:
- Report on Using Synthetic Data in Practice: The group will produce a report that shares practical experiences of using synthetic data to assist practitioners and policymakers. This report will delve into lessons learned and good practices, focusing on use cases related to data augmentation and bias mitigation, system testing and model validation, and data sharing (both internal and external).
- Framework for Public-Private Sector Collaboration: Regulators worldwide are working on ways to facilitate public-private collaboration on data sharing and Privacy Enhancing Technologies (PETs). The SDEG intends to create a framework for organizations to collaborate on synthetic data use cases, with a focus on areas such as fraud. More details about this framework will be shared in the future, with room for adjustments based on market needs and SDEG priorities.
Data is recognized as a powerful tool for transforming the financial services industry, improving operational efficiency, reducing compliance costs, and enhancing consumer outcomes. Privacy Enhancing Technologies (PETs), like synthetic data, are increasingly adopted to leverage data insights while safeguarding consumer privacy.
The SDEG welcomes input and industry perspectives on the design and application of synthetic data. Whether you’re a policymaker, practitioner, academic, fintech professional, or interested in the findings of the report, the group encourages you to get involved.
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