The UK's Competition and Markets Authority (CMA) has turned its attention to artificial intelligence (AI) after announcing an investigation into the technology's impact on consumers and the economy. On May 4, the regulator said it would study the development and de deployment of underlying models , for applications such as OpenAI's ChatGPT, based on key principles. These include safety, transparency, fairness and accountability, among others. CMA chief executive Sarah Cardell commented that since AI tools "suddenly" entered the public domain, regu makers have focused on it. "This is a rapidly developing technology that has the potential to change the way businesses compete and drive substantial economic growth."
She went on to argue that it was "critical" that UK businesses and consumers were able to reap the potential benefits of AI technology while being protected from disinformation. Already, AI-generated fakes have begun flooding the web, leading to lawsuits.
The initial review will examine the underlying AI models and the competitive market for their use. The regulator plans to monitor how they expand and deliver opportunities, as well as the risks they pose to competition and consumers. The CMA said its aim was to help technology develop in a way that "ensures open, competitive markets and effective consumer protection".
In addition, the review aims to develop "guiding principles" to protect consumers and support healthy competition as technology evolves. A report on the findings is scheduled for September 2023. The announcement follows the UK government's white paper on artificial intell igence due in March 2023.
On April 25, the UK's prime minister and technology secretary revealed £100 million ($124.8 million) in funding to support a taskforce to accelerate the country's AI readiness.
