Victoria Howes’ Post

This insight report from the Institute of Regulation highlights the strengths of the regulatory sector in the UK and shows the opportunities to drive improvement. The best bit is that it was a sum of many voices from the regulators across the UK, well done to the team that spent the time listening to all the views and experiences to produce this paper. Looking forward to getting to know the contributors and hear more about the work that was done in the background to produce this valuable resource. #Community #Regulators

How can the UK get the best from regulation to grow the economy and benefit society? Some suggestions are in a new research report from the Institute of Regulation. In particular, regulators need to be agile in response to change, and government can help provide consistency and keep regulatory frameworks up to date. This report highlights where good regulation is already in place, and how it can improve. Worth a read.

🔥 🔥 Hot off the press, new research insights from Institute of Regulation - 'Good Regulation. Getting the best from regulation for the benefit of the UK economy and society'. 🔥 🔥   Based on the perceptions of over 150 regulatory professionals and experts, this research uncovered three shared opportunities to drive further improvement in UK regulation:   1. Supporting the conditions for agility and innovation in regulation. 2. Promoting consistency and coherence in legislative frameworks and regulatory mandates. 3. Building trust in regulation. On publication of this research, chair of the Institute of Regulation, Marcial Boo, said: ‘Good regulation is important for the UK. It enables businesses to thrive and innovate and public services to be well run and improve. By creating a level playing field, preventing harm and unfairness with as few unnecessary constraints as possible, regulators not only protect consumers and service users, but enable responsible UK businesses to compete and grow without being undercut by unregulated cowboys. Good regulation is a public good from which everyone benefits.     Improving regulation is also a cost-effective way to stimulate economic growth and improve public services. Good regulatory regimes give business confidence that they can invest and build public trust in the goods and services they receive.   The Institute of Regulation, the sector's professional body, has drawn on the views of its members to set out what good regulation looks like: as few burdens as possible, a focus on improvement, proportionate interventions when necessary, and the public interest at its heart.    The Institute will continue to support the sector to improve, and, with its members, work with the incoming UK government to bring benefit to the economy and public services by helping regulators to make their regulatory regimes as efficient and effective as possible.’ 👏 Thanks to everyone who contributed to this research from across the Institute of Regulation membership. Thanks to the research team, Will T., Matthew Purves and Louisa Dale, with additional research from Paul Peros, Sara Kovach-Clark and @Paul Moore. Finally, our thanks to the excellent research advisory group, Michael Hanton, Matthew Gill, Naomi Nicholson, Victoria Howes 👏 👉 Read more in our latest blog and access the full report online - https://lnkd.in/eAruB6iM 👈

⬇️ Read the Institute of Regulation’s response to the government’s white paper on regulation here.

The UK Government today, 16 May, published a white paper on regulation. Secretary of State Kemi Badenoch MP wants the UK to be 'the best regulated economy in the world with a well-functioning landscape of regulators'. This is a great aspiration, and the white paper is welcome. Well-designed, smart regulation can enable innovation and foster improvement, provide stability to businesses and public services, and protect users and consumers. It's particularly good to see the Government’s desire to establish regulation as a profession and to explore improved training in regulatory theory and practice for those working in regulators. The Institute of Regulation will work with the Government and the regulatory community to take this forward. There are issues in the white paper for all UK regulators to discuss and implement, and not just the business regulators listed in the white paper. Five of these issues, including how the 10 principles in the white paper will help achieve world-class regulatory service, and how the proposed Regulatory Council and one-stop shop for regulation should work in practice, are available on the Institute's website for regulators to consider as they continue to improve their own regulatory approach. I look forward to future discussions. https://lnkd.in/eir-Xw45

🖐 Five talking points on the UK Government’s White Paper on Regulation 🖐   Today the UK Government released a White Paper on Regulation: https://lnkd.in/ehdKBddK You can read the response from the Institute of Regulation board: https://lnkd.in/e3HZJn4g   Institute of Regulation is a supportive and diverse professional network for regulatory professions, experts and enthusiasts. Our members include some of the leading UK regulators, alongside renowned academics and policy experts on regulation from UK and far beyond.   We’re inviting debate on five talking points from the White Paper: 1. The White Paper focuses on economic regulation and its impact on business. Do the same issues apply to regulators in other sectors and to the impact of regulation on users and consumers?   2. How will the 10 new principles of regulation deliver a ‘world-class’ regulation as a service?   3. The Government proposes a new Regulatory Council and ‘one-stop shop’ for UK regulation. How can they be constructed to maximise their potential and usefulness to those regulated?    4. How might the Government’s proposals improve regulatory guidance, duties and accountability?   5. How does the Government expect to drive up the quality of regulation?    If you’d like to join the debate, we’ll be discussing the White Paper with regulator members at next week’s Policy special interest group on Thursday 23 May. We’d also welcome any expressions of interest from our members to participate in a special meeting on the White Paper, please contact [email protected] We look forward to the debate! 

It is great that that the Regulatory Policy Committee managed to publish a spreadsheet https://lnkd.in/eyb28gnp and Blogpost https://lnkd.in/eD2dMvw4 on Friday, just before the guillotine came down for purdah before the forthcoming election. The spreadsheet has all the ratings from the RPC's opinions on Impact Assessments (IAs) since late 2020 collected together in one place for the first time; while the Blogpost provides a table showing which departments have delivered high quality impact assessments to underpin their proposed regulations, and which departments have a lot of room for improvement... The former Department of Business, Energy and Industrial Strategy (BEIS) stands out as the top performing department with 90% of IA categories rated 'Good' or 'Satisfactory', its successor department (Department for Business and Trade) scores 75%. At the other end of the table are Department of Health and Social Care (54%), Department for Education (50%) and Department for Levelling Up, Housing and Communities (47%). Across all the 142 IAs reviewed by the RPC, over a quarter (28%) of IA categories were rated 'Weak' or Very Weak' - which shows that there is still significant room for improvement. In the Smarter Regulation White Paper published last weekhttps://lnkd.in/e3H6HvMQ, the Government committed to support the RPC "to publish data that enables the scrutiny of departments' performance against the Better Regulation Framework" in order to "enable Parliament and the public to hold the government to account for the sound management of the regulatory system". I am delighted that the publication of this database and the accompanying analysis provide far greater transparency on the quality of IAs produced by different Government departments and look forward to this information being used to hold the departments to account for the sound management of the regulatory system. #rpc #regulation #smarterregulation

Today on Panel Session "The Politics and Performance of Regulatory Agencies” during International Association on Regulation & Governance Inaugural Conference. Some remarks to our remote presentation "Enhanced Metrics  to Measure the Regulatory Impact»: 👉 We work many years in the member states of Eurasian Economic Union, and calculate regulatory costs in diverse industries. So our presentation could be understood first line as a result of our field observations. 👉 Experiences from the OECD countries is well known in the states of former Soviet Union.  Also approaches to measure regulatory costs are known, specifically cost benefit analysis or standard cost model. 👉 During our research projects, based on communications with business stakeholders and government relation directors we were often listening that:  1) at least information cost are shadow costs / not understandable for businesses  2) described by regulatory bodies benefits are very often overstated and based on hypothetical scenarios.   What could be a long term incentive for businesses to provide regularly their comments during public consultation period or to do evidence-based calculations for economically significant regualtions (i.e. not box-ticking exercise?). 👉 Our proposals: Firstly: expand measuring scope to new parts 1) Business operations downtime costs (non-productive periods costs) - labor costs + operating costs 2) opportunity costs (profit lost) Secondly: Besides comparing cost vs. benefits should be extended by comparing costs vs. hard macroeconomic indicators in related industry (i.e. revenue, profit, investments, tax burden) 👉 now to conclusions:  1) State regulation becomes more costly year by year, emergency legislation willingly used in many cases; 2) Society has the right to know about the full regulatory cost imposed by regulation drafting; 3) New metrics could be implemented in the decision making at supranational, national and subnational levels of public governance, also in procedures without regulatory impact analysis procedure or without public consultations. #SCM #cost #transparency

Our latest insight looks at government and regulatory activity across a variety of sectors. You can read it at the link below.

Unveiling the Future of Financial Regulation with the Cambridge Regulatory Genome Project. 🌐 Dive into the Revolutionary World of the Cambridge Regulatory Genome Project (CRG) 🌐 Led by the esteemed University of Cambridge, the Regulatory Genome Project (RGP) stands at the forefront of redefining financial regulation for the digital age. The CRG initiative is pioneering an AI-enabled structure, aiming to standardize the review and cataloging of financial regulation globally. This groundbreaking approach promises to transform regulatory compliance, making it more accessible, efficient, and interoperable across jurisdictions. 🚀 5 KEY BENEFITS of the Cambridge Regulatory Genome: 1. Enhanced Benchmarking: Achieve unparalleled certainty when benchmarking principles set by Standard Setting Bodies. The CRG offers a robust framework for a precise comparison with global peers, fostering a transparent regulatory environment. 2. Resource Efficiency: Dramatically reduce the time and resources needed for regulatory comparison and analysis. The CRG’s intelligent structure streamlines the process, freeing up valuable assets for strategic compliance management. 3. Leveled Playing Field: Equal access to regulatory data and structures ensures fairness in the financial marketplace. The CRG democratizes information, promoting equal opportunities for market participants and regulators alike. 4. Market Regulation Efficiencies: By facilitating interoperability and efficiency in market regulation, the CRG paves the way for a more cohesive financial ecosystem, where compliance technology can flourish without barriers. 5. Open Collaborative Platforms: The RGP offers forums with regulators, policymakers, and an open invitation to engage with RegTech and SupTech initiatives. These platforms encourage dialogue, research, and collaborative innovation, driving the sector forward. 🔍 Open Question to Our Community: As we close this insightful week, we invite you to share your thoughts: How do you see AI-enabled regulatory structures like the CRG shaping the future of financial compliance and market regulation? Your insights are invaluable as we navigate this evolving landscape together. Join the conversation and let’s explore the possibilities that lie ahead with the Cambridge Regulatory Genome Project. #FinancialRegulation #CambridgeRGP #RegTech #Innovation #FutureOfCompliance