In a recent policy paper, the Department of Digital, Culture, Media and Sport has put forward a “pro-innovation” vision for the future regulation of artificial intelligence in the UK. The paper sets out the building blocks of a cross-sectoral regulatory framework.
To steer consistency across different industries, the DCMS intends to set cross-sectoral principles tailored to AI and ask regulators to contextualise these for the sectors they oversee.
DCMS says that it is still at the early stages of considering how best to put its approach into practice but will set out further details in a white paper and consultation later this year. Its current thinking is to put the cross-sectorial principles on a non-statutory footing but the DCMS does not rule out the need for legislation as part of the delivery and implementation of the principles, for example to update regulators’ powers.
This approach is contrast to of the EU's which is proposing a dedicated AI Act and a risk-based approach. Read more on that in our Tech Legal Outlook – 2022 Mid-Year Update.
See our FintechLinks blog post summarising the DCMS proposals and the impact for the fintech sector.