Enhanced AI testing trumps regulation, says Bank of England governor
Governments should not be rushing to regulate artificial intelligence , the governor of the Bank of England has said. Andrew Bailey, who holds the key oversight post in UK finance, stressed the need for “rigorous model testing, conducted both before and after deployment” ahead of any tighter regulation. He recognised the potential benefits of Frontier AI were “immense” but needed “rigorous…
Bank of England governor Andrew Bailey has argued that rigorous model testing should be prioritized over regulation when it comes to artificial intelligence. He emphasized the immense potential benefits of Frontier AI, but stressed the need for thorough testing to fully comprehend its increasingly complex behavior. While experts have warned about the risks of AI already being used in conflicts like Gaza and Iran, Bailey cautioned against rushing to regulate AI.
Instead, he advocated for learning from incidents and near-misses with AI systems and establishing credible points of intervention. Bailey acknowledged that regulation might emerge over time, but stressed that it should not be the starting point.
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