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Regulators may fail to protect citizens, businesses and the environment if they do not successfully...
Recommendation
Regulators may fail to protect citizens, businesses and the environment if they do not successfully adapt to major changes in their sectors. To remain effective, 6 Principles of effective regulation regulators must adapt and respond to change. Rapid technological development is disrupting traditional business models, the climate emergency is driving changes in business and consumer behaviour, changing social attitudes are shifting citizens’ expectations of regulators, and the UK’s exit from the EU has created new risks and opportunities as UK regulators take on new roles and responsibilities previously performed at EU level (including setting laws and regulations). To respond effectively, regulators must recruit and retain the right staff, collaborate effectively with other regulators both domestically and internationally, and exploit new technology to improve their efficiency and effectiveness. The extent of the challenge is considerable, and regulators’ efforts to meet this challenge must be supported by the right strategic and legislative frameworks, as well as the necessary skills and capacity. Recommendation: Government and regulators should work together to ensure that regulatory frameworks are responsive, and that regulators themselves are well equipped, to be able to match the challenges and opportunities provided by the UK’s departure from the EU.
Government Response
A response document is linked to this report, dated 8 November 2021. Response attribution to this conclusion has not been verified. Read the response document.
Source
Committee
Public Accounts Committee
Report
Sixteenth Report - Principles of effective regulation
15 Sep 2021
HC 176
Addressee Bodies
HM Treasury
Timeline
Recommendation age
5.0 yrs
Report published
15 Sep 2021