Sixteenth Report - Principles of effective regulation

Select Committee
Public Accounts Committee HC 176 15 September 2021
Report Status Government responded
Conclusions & Recommendations 18 items (6 recs)
Source View on Parliament website
Government Response (AI assessment · 17 of 18 classified)
Accepted 1
Acknowledged 1
Deferred 4
Not Addressed 11
Government response
Treasury minutes: Government response to the Committee of Public Accounts on the Sixteenth report from Session 2021-22 · published 8 Nov 2021
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Recommendations & Conclusions

4 results
2 Recommendation Deferred
The Department and regulators have been slow to follow best practice in facilitating innovation.
Recommendation
The Department and regulators have been slow to follow best practice in facilitating innovation. The Government’s 2019 White Paper ‘Regulation for the 4th Industrial Revolution’ found that only 29% of businesses believed that government’s approach to regulation facilitates innovation. The … Read more
Government Response Summary
The government agrees with the recommendation to require regulators to engage with businesses and adopt regulatory sandbox approaches, but states it already encourages such innovation and will consider how to build upon this after responding to a consultation that closed in October 2021.
HM Treasury
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3 Recommendation Deferred
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 … Read more
Government Response Summary
The government agrees with the recommendation to ensure responsive frameworks and well-equipped regulators, but outlines generic principles and defers specific action, pending consideration of an ongoing consultation and future publication of a detailed response.
HM Treasury
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4 Recommendation Deferred
Regulatory bodies do not have a good enough understanding of the costs and benefits of...
Recommendation
Regulatory bodies do not have a good enough understanding of the costs and benefits of regulation, risking value for money. Robust analysis of the costs and benefits of regulatory activity is essential for effective regulation, value for money and accountability. … Read more
Government Response Summary
The government agrees with the recommendation to consult on and include proposals for robust analysis of regulatory costs and benefits, stating this work is underway as part of a consultation which closed in October 2021, and that its proposals will be set out in the consultation response.
HM Treasury
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17 Conclusion Deferred
An outcomes-focused regulatory approach is one characterised by setting overall outcomes or principles expected of...
Conclusion
An outcomes-focused regulatory approach is one characterised by setting overall outcomes or principles expected of the regulated industry, rather than specifying rules. This has the benefit of often being more responsive to change because the regulatory objective or outcome remains … Read more
Government Response Summary
The government agrees with the underlying principle of balancing outcomes-based and rules-based regulation but defers specific action, indicating it will review responses to an ongoing consultation and publish its decisions later in 2021.
HM Treasury
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