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The UK Competition and Markets Authority (CMA) has officially entered the artificial intelligence (AI) scene after announcing a study of the technology’s impact on consumers and the economy.
On May 4, the regulator said it would consider the development and deployment of basic models – applications like OpenAI’s ChatGPT – in line with key principles. These include security, transparency, fairness and accountability.
Our goal is to help this new, rapidly scaling technology develop in ways that ensure open, competitive markets and effective consumer protection.
Read more: https://t.co/wIC25o6qsN
— Competition & Markets Authority (@CMAgovUK) May 4, 2023
Sarah Cardell, chief executive of the CMA, commented that as AI tools “burst” into the public realm, regulators have taken notice.
“This technology is evolving at a rapid pace and has the potential to change the way we do business, as well as drive significant economic growth.”
She went on to say that it is “essential” that businesses and consumers in the UK have access to the potential benefits of AI technologies while being protected from misinformation. AI-created fakes have already begun to flood the web, leading to lawsuits.
The initial review will look at the competitive market for basic AI models and their uses. Regulators plan to monitor how they can expand and enable opportunities, as well as the risks to competition and consumers.
The CMA says its goal is to help technology evolve in a way that “ensures open, competitive markets and effective consumer protection.”
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In addition, this review is intended to develop “guidelines” for consumer protection while supporting healthy competition as such technologies develop. The results report is scheduled to be published in September 2023.
This announcement follows the publication of a white paper on AI from the UK Government in March 2023.
On April 25, the UK Prime Minister and Secretary of Technology announced a £100 million ($124.8 million) release to support a task force aimed at accelerating the country’s AI readiness.