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UK strives to “be a leader in AI technology” as it sets out its next steps for the regulation of artificial intelligence.
On 23 March 2021, the UK Intellectual Property Office (IPO) published the outcome of its consultation last year on artificial intelligence (AI) and intellectual property (IP) (the Response). The Response highlights the UK’s ambition to “be a leader in AI technology” by developing and adapting IP legislation in light of developments in AI technology, notwithstanding the fact that such developments may, post-Brexit, result in a divergence between the approach taken in the UK and the EU.
Recent regulatory developments of interest to most financial institutions.
Contents
Tackling financial exclusion: House of Lords Liaison Committee follow-up report
Safe harbour provisions to support the wind-down of critical benchmarks: RFRWG letter
Net zero and the future of green finance: Treasury Committee report
UK Future Regulatory Framework Review: BoE speech on PRA policymaking
UK MiFID research and best execution reporting requirements: FCA CP21/9
Strengthening financial promotion rules for high-risk investments and firms approving financial promotions: FCA DP21/1
Compliance, culture and evolving regulatory expectations: FCA speech
Improving effective regulation: FCA speech
Why black inclusion matters: FCA speech
Climate change and sustainable finance: FCA webpage
Consumer champion Martin Lewis said scammers may use similar language to legitimate bodies (Steve Parsons/PA)
“That is making improving financial inclusion far more difficult when people who have already been burnt by scammers using similar language won’t trust official bodies.
“It needs to be put in the Online Harms Bill, there is no plan for that to happen, if that doesn’t happen I am extremely worried how we will ever have financial leadership in this sector again when there are so many scammers purporting to offer it.”
Fraudsters have used the coronavirus crisis to prey on people over the past year, with offers of fake refunds, fake investments and fake offers of masks and hand sanitisers. They will often make their websites appear to belong to legitimate and well-known brands.
Explosion of scams eroding trust in official bodies, warns Martin Lewis pressandjournal.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressandjournal.co.uk Daily Mail and Mail on Sunday newspapers.
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Just before Christmas, the House of Lords Liaison Committee published a new report on Artificial Intelligence (AI): “AI in the UK: No Room for Complacency”. The report examines the progress made by the UK government in implementing the recommendations of the Select Committee on Artificial Intelligence in their 2018 report entitled “AI in the UK: ready, willing and able?”. The Select Committee had been appointed “to consider the economic, ethical and social implications of advances in artificial intelligence”, and its 2018 report made a large number of recommendations to the UK government on a range of technical, organisational and societal topics, as well as a recommended ethical framework for AI.