Government requests AI update from regulators

Following its response to the Government’s AI White Paper consultation, the Department for Science, Innovation and Technology has asked the FCA and BoE to publish information outlining their strategic approach to AI and the steps they are taking in line with the expectations in the White Paper, including:

  • their current assessment of how AI applies within the scope of their regulatory responsibilities;
  • the steps they are already taking to adopt the AI principles set out in the White Paper, including concrete examples of the actions they have taken;
  • a summary of guidance they have issued or plan to issue on how the White Paper principles interact with existing legislation and the steps firms should take in line with the principles;
  • the work they are doing to understand, assess and manage the current and emerging risks posed by AI as relevant to their sector and remit and the steps they have taken to collaborate with other regulators to identify and tackle AI-related issues that cut across regulatory remits;
  • an explanation of their current capability to address AI risks and how this compares with their assessment of the capabilities they need;
  • a forecast of their plans and activities over the next year, including the actions they are taking to address any capability gaps identified, risk assessment work they plan to undertake, tools/guidance they are preparing, planned stakeholder and international engagement.

The Government has requested a response by 30 April 2024.

Lucy Hadrill