AI Regulation

Contact: Helen Armstrong

AI regulation

Report highlights consumer trust factors for generative AI

The Digital Regulation Cooperation Forum (DRCF) has released a report on consumer understanding and use of generative AI in financial services. The study found that while consumers have some awareness of generative AI, their comprehension of its workings and distinctions from other AI is limited. Consumers use various "signifiers" to gauge trustworthiness, including human oversight, reputable providers, familiar use cases, and minimal personal data requirements. In financial services contexts, consumers generally assume regulation exists and expect accountability from organisations using generative AI. Warnings can increase consumers' sense of personal responsibility. The report will inform the CMA's Foundational Models Review, the FCA's approach to AI regulation, and future DRCF research. The study was conducted by Thinks Insight & Strategy.

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Review of regulatory considerations in AI assurance

The Digital Regulation Cooperation Forum (DRCF) has published an article on the emerging AI assurance market, based on a review and interviews with service providers. AI assurance aims to build confidence in AI systems through standardised evaluation. This article provides an overview of the market and key insights from interviews, focusing on the sector's development and its relationship with regulatory bodies. Key themes discussed include the significance of standards, definitions, and skills in the AI assurance field, as well as the role regulators play.

The DRCF brings together four UK regulators with responsibilities for digital regulation: the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA), the Information Commissioner’s Office (ICO) and Ofcom.

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Publication of the EU AI Act

The Official Journal of the EU has published the EU AI Act, which came into law on 1 August 2024. By February 2025, certain prohibited AI practices will be banned, making it crucial that businesses get to grips with the new requirements of the EU AI Act.

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