UK Regulator Investigates Impact of AI on Consumers and Economy

Bullion Bite

The United Kingdom’s Competition and Markets Authority (CMA) has launched an investigation into the impact of artificial intelligence (AI) on consumers and the economy. The regulator will examine the development and deployment of foundation models, including OpenAI’s ChatGPT, to ensure that AI technology develops in ways that promote open, competitive markets and effective consumer protection. The CMA’s report on findings is expected to be published in September 2023, and it will produce “guiding principles” for the protection of consumers while supporting healthy competition as AI technologies develop. 

Sarah Cardell, the chief executive of the CMA, highlighted the potential of AI to transform the way businesses compete and drive economic growth. However, she also recognized the importance of shielding businesses and consumers from fake information generated by AI. The CMA’s initial review will examine the competitive market for AI foundation models and their usage, monitoring their expansion and presenting opportunities and risks to competition and consumers. 

The UK government has pledged almost 125 million British pounds ($156 million) to support a task force aimed at accelerating the country’s AI readiness. The CMA’s examination of AI technology is significant, as the UK is a leading player in the development of AI. Companies developing AI technology should monitor the progress of the CMA’s review and take steps to ensure compliance with the guiding principles that will be produced. 

As AI continues to advance at an unprecedented pace, it is crucial to ensure that it is developed in a way that benefits businesses and consumers while safeguarding their interests. The CMA’s investigation is a crucial step towards achieving this goal, and it is expected to shape the regulatory environment for AI in the UK.

#buttons=(Ok, Go it!) #days=(20)

Bullion Bite uses cookies to enhance your experience. How We Use Cookies?
Ok, Go it!