Good regulation – new research insights from the Institute of Regulation
Good regulation – new research insights from the Institute of Regulation
The Institute of Regulation (IoR) board today released some new research ‘Good regulation – getting the best from UK 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:
Supporting the conditions for agility and innovation in regulation.
Promoting consistency and coherence in legislative frameworks and regulatory mandates.
Building trust in regulation.
This new research report from the Institute of Regulation sets out three clear ways in which the UK regulatory system can respond to these shared opportunities:
UK regulators need to continue to innovate, moving forward and building a deep understanding of both the public and their interests, and the industries they regulate. Regulators need to continue to find new ways to minimise regulatory burdens, while promoting and securing the interests of those on whose behalf they regulate.
Government needs to continue to provide the right enabling support. Government sets the terms and conditions by which regulators regulate. Regulatory frameworks that are up-to-date and fit-for-purpose, and sufficient funding or the ability to raise proportionate fees are vital to high quality regulation.
Parliament, the Institute of Regulation and others can build growing trust in regulators and regulation. Mutual trust matters. Regulation and regulators are more effective and efficient in an environment of transparency, candour and mutual trust. We all need to work together to build trust in regulation.
The research also found a number of perceived areas of strength, of which UK regulators are proud, these include:
UK regulators have a deep understanding of the sectors they regulate and value the strong relationship with those sectors. This enables them to achieve high quality outcomes for users, consumers and industries.
UK regulators operate with the highest standards of integrity and ethics, drawing intelligently on evidence and research.
UK regulators are pragmatic, alert to emerging challenges such as AI and proactive in working together to meet them.
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.’
Research lead, Will Taylor, said:
‘It’s been a great pleasure to undertake this research and to hear from such a broad range of impressive regulators in the UK. This paper draws together those insights into some key opportunities, but there is so much more to learn from each other. I’m looking forward to working with the Institute of Regulation to develop the conversation on how we can make the most of regulation in the UK.’
Researcher, Matthew Purves, said:
‘Carrying out this work, I’ve been struck by how much knowledge, strength and experience there is in the network of UK regulators that the Institute of Regulation draws together. We face many common challenges and opportunities. I am excited about how, working together, regulators can share solutions to problems, innovate and support UK growth.’
Good regulation – getting the best from UK regulation for the benefit of the UK economy and society
Notes to editors
Institution of Regulation (IoR) is a membership organisation. We’re a professional network, providing professional development in regulation and promoting good practice in regulation. We believe good regulation is essential for a thriving economy and society. We aspire to become the home of good regulation.
Institution of Regulation (IoR) established as a membership organisation in 2021.
Today we’re a thriving professional and expert community:
over 550 regulatory experts in our membership network
over 35 corporate members, regulators based in the UK and Channel Islands
over 150 individual members
a rapidly growing network of affiliate members from business and third sector organisations
Institute of Regulation grew from an informal network of non-financial regulators, who began meeting in 2019. We are a charitable not-for-profit company, registered with Companies House (13628098) and are currently applying to the Charity Commission for charitable status.
For further information, please contact info@ioregulation.org or Louisa Dale, director@ioregulation.org.