The UK's Competition and Markets Authority (CMA) has announced an examination of the impact of artificial intelligence (AI) on consumers and the economy. The regulator will look at the development and deployment of foundation models, such as OpenAI's ChatGPT, against key principles including safety, transparency, fairness, and accountability. The initial review will examine the competitive market for AI foundation models and their usage, with regulators monitoring how they can expand and present opportunities, along with risks to competition and consumers. The CMA's goal is to help AI technology develop in ways that ensure open, competitive markets and effective consumer protection. The review is intended to produce guiding principles for the protection of consumers while supporting healthy competition as such technologies develop, with the report of findings scheduled to be published in September 2023. This announcement follows the publication of a white paper on AI from the UK government in March 2023 and a recent funding of £100 million ($124.8 million) to support a task force aimed at accelerating the country's AI readiness.

(By SAVANNAH FORTIS)