The UK Competition and Markets Authority (CMA) is launching a study to investigate the implications of Artificial Intelligence development and deployment on consumers and the economy. Specifically, they will be inspecting OpenAI’s ChatGPT tool, adhering to principles such as safety, transparency, fairness, and accountability. The purpose of such an examination is to ensure consumer protection and market stability. This review will assess the competitive state of AI foundation models, analyzing their usage as regulators seek to discern how these models can provide opportunities for growth and also present certain risks in terms of competition and consumer protection.
The Chief Executive of the CMA, Sarah Cardell, emphasized that Artificial Intelligence technologies can dramatically affect how companies compete and drive positive economic advances. AI has remarkable potential to transform business models and markets in many ways. The CMA wants businesses and consumers in the UK to take advantage of the potential benefits of AI but also be safeguarded against fake information. Unfortunately, AI-generated fakes on the internet have already become a reality and are being challenged in court. Therefore, it’s important that the development of AI ensures open and competitive markets and effective consumer protection.
In addition, the review is focused on the development of guiding principles for consumer protection and encouraging healthy competition. To that end, the review board has laid out a timeline for the report’s findings and publication, with a white paper from the UK government published in March 2023, followed by the full report due September 2023.
The Prime Minister and Technology Secretary have unveiled a task force dedicated to spurring the UK’s AI readiness. On April 25, they announced 100 million British pounds ($124.8 million) in funding for this initiative, which is designed to expand the use of AI across industries in order to enhance employment opportunities and productivity levels. This foundational action by the UK government clearly signals their commitment to preparing the country for the successful adoption of AI technologies now and into the future.
The CMA’s assessment of AI is reflective of its increasing prominence, especially in economic and social contexts. In order to achieve the most beneficial outcomes when using AI, it is essential to make sure that protocols are kept transparent, accountable, and fair; this includes considerations for consumer interests and promoting healthy competition amongst businesses.
