CMA proposes guiding principles for AI market |
The Competition & Markets Authority (CMA) has proposed guiding principles for the AI market to ensure responsible development and consumer protection. The principles include accountability for AI developers, access to services, diversity, fair dealing, and transparency. The CMA warns that without proper principles, a few companies could gain market power and harm consumers. The report highlights the potential benefits of competitive and responsible AI markets, such as new products, easier access to information, and lower prices. However, it also raises concerns about misinformation and AI-enabled fraud. The regulator warned that consumers are at risk of scams, misinformation, and manipulation as new AI tools, such as large language models, continue to evolve. Sarah Cardell, CMA chief executive, said: "The speed at which AI is becoming part of everyday life for people and businesses is dramatic. There is real potential for this technology to turbo charge productivity and make millions of everyday tasks easier – but we can't take a positive future for granted. "There remains a real risk that the use of AI develops in a way that undermines consumer trust or is dominated by a few players who exert market power that prevents the full benefits being felt across the economy."