UK Finance response to the government’s AI Whitepaper

The Whitepaper outlines an approach to regulating AI in the UK, proposing that existing regulators be responsible for managing AI risks. They would be supported by common AI principles from central government and by a coordinating central function.

We support a sectoral, guidance-based approach, as it should be able to adapt to technological change and the peculiarities of each sector. The central coordination function will be a vital component to avoiding duplication or conflicting rules. However, there are a number of challenges to work through, including the role of generic technology-neutral guidance versus AI-specific guidance, how to maximise international interoperability, managing potential gaps in existing authorities’ scope, supply chain challenges and addressing risks posed by bad actors’ use of AI.