Field status group &1 does not exist

What causes this issue?

Field status group &V1& does not exist.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Please define a field status group using the IMG activity:
<DS:SIMG.FMBCS_V_FMFSG>Define Field Status Group</>

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.