The Competition and Markets Authority has announced that is has launched an initial review of the development and use of AI foundation models.
This news comes as the buzz around using AI in everyday life is ever-increasing and foundation models have the potential to transform workplaces. The government has put measures in place to ensure that the use and development of AI is regulated, one such regulator is the Competition and Markets Authority.
Regulators are being asked to review how the development of artificial intelligence can be supported with regards to five overarching principles. These are:
- Safety, Security and Robustness
- Appropriate transparency and explainability
- Fairness
- Accountability and governance
- Contestability and redress
The importance of reviewing the development of AI against these principles comes with the importance of ensuring that it is utilised in the right way. Safety, security, copyright, privacy, and human rights are all crucial things to be considered. The role of the CMA in exploring how these issues can be kept in mind when developing AI, will be focused around the areas that the authority is best placed to address; this will mainly come down to the question of how the development of AI foundation models will have an impact on competition and consumer protection.
As outlined by the CMA, the initial is to do the following:
- Examine how the competitive markets for foundation models and their use could evolve.
- Explore what opportunities and risks these scenarios could bring for competition and consumer protection.
- Produce guiding principles to support competition and protect consumers as AI foundation models develop.
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. Our goal is to help this new, rapidly scaling technology develop in ways that ensure open, competitive markets and effective consumer protection.”
