You are here: Home -

Government watchdog reviews consumer protections as use of AI expands

0
Written by:
04/05/2023
It's getting harder to know what's real as more companies turn to artificial intelligence. So the Competition and Markets Authority (CMA) is looking at how to protect market competition with an eye on issues of safety, security, transparency and accountability.

The technology allows a computer to behave more like a human would and has already begun to alter how businesses and our lives are conducted. As such, the Government wants to ensure that “innovation in AI continues in a way that benefits consumers, businesses and the UK economy.”

The growth of AI will affect the way markets work, the CMA said, and also touch on questions of safety, security, copyright, privacy, and human rights.

‘Opportunities and risks’

The regulator said its review would “explore what opportunities and risks these scenarios could bring for competition and consumer protection” and “produce guiding principles to support competition and protect consumers as AI foundation models develop.”

Observers have known for years that AI would disrupt sectors and industries. But this initial review will concentrate largely on the likely implications of the development of AI in terms of competition and consumer protection.

‘Developing at speed’

Sarah Cardell, chief executive of the CMA, said: “AI has burst into the public consciousness over the past few months but has been on our radar for some time. It’s a technology developing at speed and has the potential to transform the way businesses compete as well as drive substantial economic growth.

“It’s crucial that the potential benefits of this transformative technology are readily accessible to UK businesses and consumers while people remain protected from issues like false or misleading information.”

The CMA said it would publish its findings in September.

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Octopus steps in to buy Shell Energy – what customers need to know

The deal is expected to complete in the fourth quarter of 2023 and will take Octopus Energy’s retail supply ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week