In a Bank of England piece published today, Governor Andrew Bailey argues that regulation is not the right starting point for frontier AI. He calls first for rigorous testing before and after deployment and for credible points of intervention, so society keeps the ability to govern increasingly capable systems. He also says frontier AI materially raises the scale and sophistication of cyber threats to the financial system. The Bank of England is the UK's central bank and sets expectations for UK financial firms' AI resilience.
