IRSG response – A pro-innovation approach to AI regulation

Published 21 Jun 2023

In the National AI Strategy, the government committed to developing a pro-innovation national position on governing and regulating AI. The newest white paper set out the government’s proposals for implementing a ‘proportionate, future-proof and pro-innovation framework’ for regulating AI.

  • IRSG consider the financial services sector not to need additional AI specific legislation. An outcome based approach is the most appropriate, as well as a technologically neutral approach from regulators.
  • It is equally important that, regulators issue clear, consistent, and interoperable guidance on how the principles interact with existing legislation. This should be flexible and reviewed periodically given the speed of technological change.
  • The AI White Paper also recognises the importance of technical standards as a way of providing consistent, cross-sectoral assurance that AI has been developed responsibly and safely. The IRSG would welcome clear deadlines on the creation and publishing of certain standards by organisations.