In March last year, the UK government published an AI regulation white paper, which outlined its framework for “governing AI in order to drive safe, responsible innovation”. The paper suggested that the different regulators in the country should interpret and apply the principles it proposed to cases within their remits. Now, key regulators – including the Financial Conduct Authority (FCA) and Bank of England (BoE) have been requested to provide an update on their progress so far in relation to the expectations of the white paper.
Several areas of interest were suggested for inclusion in the update. Among this, was an assessment of how AI currently applies within the scope of the organisation’s regulatory responsibilities, the steps the organisation is already taking to adopt the AI principles mentioned in the white paper, as well as the work the organisation is doing to understand, assess, and manage AI risks relevant to its sector and remit.
Regulators are required to publish their updates by 30 April 2024.
