On Monday, the UK Competition and Markets Authority (CMA) set out seven new principles for regulating artificial intelligence (AI) to protect consumers and guide the market. The CMA said: “The latest developments in (Basic Models) and their rapid adoption across multiple user applications, such as ChatGPT and Office365Copilot, highlight their potential to stimulate innovation and economic growth. “(Basic Models) have the potential to transform the way we live and work, as well as a range of industries – and these changes are likely to happen rapidly, with significant consequences for individuals, businesses and the UK economy.”
Sarah Cardell, chief executive of the CMA, said in a statement that the speed at which artificial intelligence is being integrated into daily life is "astonishing".
“This technology does have the potential to boost productivity and make everyday tasks easier for millions of people, but we cannot take a positive future for granted,” Cardell said. “There remains a real risk that the use of AI will evolve in a way that undermines consumer trust, or be dominated by a few businesses wielding market power, preventing the entire economy from feeling the full benefits.”
The seven principles governing artificial intelligence include: accountability, accessibility, diversity, choice, flexibility, fair dealing, and transparency.
As part of this process, the CMA said it will be talking to a number of individuals and organizations to get their views on the matter, including Google (GOOGL.US), Meta (META.US), Microsoft (MSFT.US), Nvidia (NVDA.US), Anthropic and OpenAI, the creator of ChatGPT.
Earlier this year, Microsoft invested billions of dollars in OpenAI and integrated the technology into many of its products, including Office 365 Copilot.
The CMA also said it would communicate with consumer and social groups, government experts and other agencies and would publish its findings early next year.