The FCA is looking for members to join its new Synthetic Data Expert Group, a sub-group of the Innovation Advisory Group (IAG). We believe that synthetic data has a role in enabling enhanced capabilities to protect consumers and encourage beneficial innovation in financial services.
In February 2023, the FCA Innovation department launched the Innovation Advisory Group (IAG)[1] to deepen Innovation’s engagement with industry and to inform the FCA’s forward-looking work programme. We are now creating a sub-group to the IAG to look at issues related to the use of synthetic data in financial markets.
The role of the proposed Synthetic Data Expert Group (SDEG) is to:
- Identify relevant use cases and clarify key issues in the theory and practice of synthetic data in UK financial market
- Develop best practice as relevant to UK financial services
- Create an established and effective framework for collaboration across industry, regulators, academia, and wider civil society on issues related to synthetic data
- Act as a sounding board on specific FCA projects involving synthetic data (as appropriate)
The SDEG will be a sub-group of the IAG and operate within the framework of the IAG Terms of Reference[2]. The SDEG will be chaired by the FCA.
The SDEG will run for approximately 18 months with the first meeting held in April 2023, with the possibility of extending for another 6 months.
We are expecting to receive expressions of interest from stakeholder groups such as regulated firms, consultancies, legal professionals, accelerators, consumer groups and academia. Applicants from regulated firms or firms that require authorisation will be considered. We welcome applicants with experience in the field of synthetic data who can commit time to an expert group running likely every 8 weeks or so.
How to apply
If you wish to apply, please email a CV and brief cover letter to the Synthetic data expert group mailbox no later than 8 March 2023. Please read the IAG Terms of Reference[2] before applying. For further information about how we use your personal data, please see our privacy notice[3].
You can also contact the mailbox for further information or with any questions you may have. Members appointed to the group will be announced once they are in place.