Artificial intelligence is rapidly reshaping the landscape of law and regulation, and Simon Deane-Johns joins Will Charlesworth to explore the implications of these changes.

With a wealth of experience in fintech and legal frameworks, Simon discusses the challenges AI presents to existing regulatory structures, particularly in consumer protection and financial services. He emphasises the need for regulators to keep pace with technological advancements, highlighting the risks of AI's potential inaccuracies and biases in decision-making processes.

The conversation looks into the different regulatory approaches taken by the EU and the UK, with Simon advocating for a more robust stance on privacy and copyright issues.

As they navigate the intersection of AI, law, and societal impact, Simon and Will also reflect on the importance of ensuring that technology serves the public good rather than exacerbating existing vulnerabilities.

Takeaways:

• AI technologies are often overhyped and underutilised, making it essential to understand their true capabilities and limitations.
• Regulators face challenges in keeping pace with the rapid advancements in AI and its implications for consumer protection.
• The conversation around AI should prioritise immediate concerns such as data privacy and copyright issues, not just futuristic threats.
• A well-defined regulatory framework can provide businesses the confidence to innovate while maintaining compliance with legal standards.
• AI's potential for bias and inaccuracies raises questions about its deployment in critical areas like loan approvals and law enforcement.
• Legal professionals and developers must communicate effectively to ensure compliance while fostering innovation in technology.

Companies mentioned in this episode:

• Reuters
• Amazon
• Worldpay
• Zopa
• Nutmeg
• Rooster Money
• Peer to Peer Finance Association
• AOL