Weak competition in AI race could hurt consumers — UK watchdog

The competitors regulator cautioned that, in the short term, if competition is weak or developers stop working to observe consumer protection law, customers may be exposed to significant levels of false details or AI-enabled fraud.In the long term, theres a chance that a handful of firms could end up getting or entrenching positions of market power, which could lead them not to provide the best services or products, or charge high prices, it said.” To treat this, the watchdog proposed numerous “guiding principles” to ensure “consumer protection and healthy competitors while allowing full economic benefits. Source: gov.ukThe U.K. competitors regulator said it will publish an update on the concepts and their adoption in early 2024, along with an insight into further advancements in the AI community.

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