The UK government’s investment into artificial intelligence (AI) assurance markets aims to support businesses looking to develop and use trustworthy AI products and services, a news release said.
The AI assurance market is expected to grow six-fold by 2035, the release said, unlocking more than £6.5 billion. The government’s goal of making sure AI systems work as intended is key to boosting and maintaining public trust in emerging technologies.
“Key to this will be a new AI assurance platform, giving British businesses access to a one-stop shop for information on the actions they can take to identify and mitigate the potential risks and harms posed by AI,” the release said. “Further support will see businesses, particularly small- and medium-sized enterprises (SMEs), able to use a self-assessment tool to implement responsible AI management practices in their organisations and make better decisions as they develop and use AI systems.”
These steps are expected to advance AI safety and strengthen a common approach to the responsible development and deployment of advanced AI models across the globe, the release said. More than 500 businesses make up this slice of the UK’s AI sector, employing more than 12,000 people and generating more than £1 billion.
FRC opens consultation on actuarial standard
The UK Financial Reporting Council (FRC) launched a consultation into Actuarial Standard Technical Memorandum 1 (AS TM1), proposing to maintain the current standard following its annual review.
Because of limited change in market volatility and return expectations, the regulator expects to keep this version of the standard in place for Statutory Money Purchase Illustrations based on calculations performed between 6 April 2025 and 5 April 2026, a news release said.
Stakeholder feedback is welcomed until 7 December. Comments on the questions in the consultation document can be sent by email to APT@frc.org.uk.
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