UK launches review of AI surveillance amid big tech data boom

The head of the UK financial regulator has announced plans to investigate how big technology companies' access to a wide range of data can lead to improved financial products and more choice for consumers.

The regulatory changes aim to maximize the potential of artificial intelligence (AI) for innovation, competitive pricing, and greater choice for consumers and businesses. The move highlights a global trend of considering new regulations and potentially leveraging the power of technology companies.

The announcement is interesting in that the UK appears to be taking a different approach to innovation than the EU, Gal Ringel, co-founder and CEO of global data privacy management company Mine, told PYMNTS . The EU just passed the AI ​​Act, which regularly regulates technologies before they reach the market. The UK is taking an approach that works with big tech to leverage data insights to build better products, and we have more trust in businesses and the free market.

He added: “One approach is not better than the other, as the EU has prioritized end-user safety and privacy, and traditional countries like the US have prioritized end products, but the UK It is remarkable to see that the EU is starting to diverge further from the EU.” As the AI ​​field heats up.

A call to action on data

During a presentation at the Digital Regulatory Cooperation Forum event, Nikhil Rati, head of the UK Financial Conduct Authority (FCA) and chair of the forum, outlined his main concerns about big tech companies. Rati said if the FCA analysis showed that technology companies' data could benefit financial services. , will encourage more data sharing between technology and financial companies.

Further consolidation of the control and power of a small number of companies will jeopardize competition and innovation, Rasisay said in his speech. In addition to promoting effective competition, the FCA also has a primary objective of protecting consumers from harm.

The FCA has also published a feedback statement on its request for views on data sharing practices between big tech and financial services firms. Big Tech companies have access to financial data through open banking, but are not obligated to reciprocate for sharing data with the financial sector.

Ringel said the larger the dataset, the more insights can be extracted from it and the more reliable the baseline that can be built for AI and other products.

These benefits, especially when combined with data collection and scraping practices that do not compromise user privacy or safety, could drive innovation that leads to faster and more intuitive technology in the consumer market, he said. added.

Growing calls for regulation

The UK regulator’s decision to reconsider its approach to AI and data use in Big Tech reflects a broader global trend evident in several recent regulatory actions. For example, the EU passed a comprehensive AI law.

In the United States, scrutiny has increased under the Biden administration, which has advocated for stricter enforcement of antitrust laws, particularly regarding Big Tech data practices. The Chinese government has enforced strict data protection laws and cracked down on the expansion of previously unregulated technology companies such as Alibaba and Tencent.

As PYMNTSp previously reported, the UK has adopted a clearly pro-innovation stance on AI regulation, unlike its EU counterparts, which unanimously agreed to the final provisions of the EU's AI law. The AI ​​Act adopts a risk-based framework to regulate AI applications. If enacted, it would affect all AI companies serving the EU market and users of AI systems within the EU, but would not apply to EU-based providers serving outside the EU.

In contrast, the UK government favors an alternative regulatory framework that differentiates AI systems based on their capabilities and risk outcomes, rather than just risk. According to the UK government's February response to the consultation on AI regulation, the plan is to introduce sector-specific regulations based on five core principles of AI, rather than enacting specific AI legislation. This approach aims to foster innovation by tailoring regulations to the specific needs and risks of different sectors.

Benot Koenig, co-founder of Veesion, which develops AI-powered gesture recognition software, told PYMNTS that the EU AI law is needed to build trust in AI technology.

For companies operating within the EU, this will require an increased focus on compliance, particularly for AI applications deemed to be high-risk, which could include areas such as surveillance and biometrics. He added that there is. This could increase operating costs and require more rigorous testing and documentation processes, it added. .

U.S. companies with operations or customers in the EU will need to adapt their AI strategies to comply with upcoming AI laws, Koenig said.

It could also usher in similar regulations in the United States, encouraging companies to proactively adopt stricter ethical standards for the development and use of AI, he added.

Overall, while this law presents certain challenges, it also provides an opportunity for companies to lead in the ethical use of AI, ensuring that they are not only technologically advanced, but also socially responsible and trusted by the public. fostering innovation.

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Read more: AI, AI Law, Artificial Intelligence, Benot Koenig, Digital Regulatory Cooperation Forum, FCA, Financial Conduct Authority, Gal Ringer, Mining, News, Nikhil Rati, PYMNTS News, Veesion

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