IoR board member response
The Institute of Regulation (IoR) board welcome the House of Lords' report, published today, into the performance, independence, and accountability of UK regulators. As board members, we are pleased that the Lords' Industry and Regulators Committee cite evidence provided by the Institute of Regulation, a membership network for regulatory experts and professionals, providing professional development and promoting good practice in regulation.
IoR board consider the House of Lords Industry and Regulators Committee is right to highlight the important role that regulators play to support a thriving, diverse UK economy and good-quality public services. As board, we welcome recommendations to ensure that government gives regulators clear priorities and sufficient funding to help them do their jobs. Institute of Regulation board members also welcome the call for greater parliamentary scrutiny of regulators, and better performance information, to ensure accountability for the balanced judgments that regulators aim to reach.
Chair of the Institute of Regulation, Marcial Boo, said:
"Efficient and effective regulation enables businesses to thrive and innovate, and public services to be well run and improve. This requires as few unnecessary constraints as possible on those being regulated, alongside the parallel role of regulation to prevent harm and protect the vulnerable. By creating a level playing field, regulators protect consumers and service users, and enable responsible UK businesses to compete fairly, without unregulated firms undercutting their livelihoods and jeopardising UK jobs.
"Good regulation is a public good, from which everyone can benefit. If regulation is efficient and well-constructed, the benefits of regulation to society overall will outweigh the costs to individual businesses or service providers. At the Institute of Regulation, we look forward to regulation being recognised as profession in its own right, which will further improve the standards and effectiveness of UK regulators."
"The Institute of Regulation welcomes the House of Lords report, and its acknowledgement of the role that we play to support better regulation in the UK, where we have an opportunity to remain a world leader. The Institute of Regulation will continue to work with Government, Parliament and our members to take forward this important agenda."
Institute of Regulation board member written submission to the House of Lords inquiry:
https://committees.parliament.uk/writtenevidence/126770/html/
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 30 corporate members, regulators based in the UK and Channel Islands
over 100 individual members
a rapidly growing network of affiliate members from business and third sector organisations
Institute of Regulation grew from an informal network of 35 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.