The government has given financial and health sector regulators an April deadline to put forward their strategies for the use of artificial intelligence (AI) in their sectors.
It told the Financial Conduct Authority (FCA), Bank of England and Medicines and Healthcare products Regulatory Agency (MHRA) that they were among 13 regulators given the 30 April cut off.
AI and other related technology proved a key subject at Health & Protection’s second annual Health Summit, with several speakers highlighting how developments in these areas could significantly impact the health and financial services sectors.
Outline AI strategy
The letters were co-authored by the secretary of state for science, innovation and technology and ministers responsible for the respective departments.
The government noted that the letter set out a request for the initial set of regulators to outline their strategic approach to AI and the steps they are taking in line with the expectations in the AI Regulation White Paper.
“AI will have implications for a much wider range of regulators as its impact across the economy continues to increase,” the government continued.
“Our recently published guidance is intended to help all regulators with the implementation of the regulatory principles, and in the interest of transparency we encourage all regulatory bodies to consider publishing their own updates.”
Sustained effort from regulators
Referring to the AI Regulation White Paper, the letter noted it would be for the regulators to interpret and apply the cross-cutting principles to AI use cases within their remits.
“As the use of AI becomes more widespread across the economy, transparency regarding the steps regulators are taking to understand both the opportunities and the risks this creates, and the actions they are taking in response, would be valuable,” the letter continued.
It added: “We are determined to unlock the full benefits of AI by establishing a regulatory approach which drives safe, responsible innovation.
“This will require a sustained effort from both the UK government and the independent regulators at the front line of implementing the framework.”
