Regulators are struggling to keep up with the rapid development of generative AI technology, which could have significant implications for society and businesses. While some regulators are relying on existing laws to control the technology, others are drafting new AI rules to address privacy and safety concerns. However, there is a risk that different regulators will take different views on the matter. Some industry insiders have called for greater engagement between regulators and companies to enable the right balance between consumer protection and business growth. The Financial Conduct Authority in the UK is consulting with institutions to improve its understanding of AI.