The Treasury has written to the FCA and different regulators asking them to reveal their methods on Synthetic Intelligence (AI) regulation.
The Treasury needs regulators to replace their strategy to AI with the goal of accelerating transparency round how they plan to implement the AI Regulation White Paper proposals.
Within the letter from Bim Afolami MP, Financial Secretary to the Treasury and Metropolis Minister, he asks for a “pro-innovation strategy to AI regulation.”
Mr Afolami has requested the FCA and different key regulators to publish an replace by 30 April outlining their strategic strategy to AI and the steps they’re taking consistent with the expectations within the White Paper.
He needs to know particularly how considerably AI may influence on the sectors, markets, and/or companies they regulate.
He additionally needs to learn about FCA AI plans and actions over the approaching 12 months, together with steps to deal with any “functionality gaps” and any threat evaluation work they plan to undertake, deliberate stakeholder engagement exercise and worldwide engagement.
Final 12 months, the federal government printed the AI Regulation White Paper outlining its framework for governing AI in an effort to drive “secure, accountable innovation.”
The White Paper proposes permitting AI to be regulated in a “focused, context-specific and coherent method throughout the financial system.”
Mr Afolami stated in his letter: “The framework proposed is non-statutory – though as signalled within the White Paper, it might turn out to be essential to introduce a statutory obligation for regulators to have due regard to the rules at a later level.
“One of many key areas of suggestions to this point, nevertheless, was the necessity to make sure that regulators had been contemplating the dangers and alternatives of AI inside their remits.
“As using AI turns into extra widespread throughout the financial system, transparency concerning the steps regulators are taking to know each the alternatives and the dangers this creates, and the actions they’re taking in response, could be worthwhile.”
He added: “We’re decided to unlock the complete advantages of AI by establishing a regulatory strategy which drives secure, accountable innovation. This can require a sustained effort from each the UK authorities and the unbiased regulators on the entrance line of implementing the framework.”
