The plans include a full-scale review of UK regulatory bodies, as well as moves to cut the number of inspections for “compliant firms.
“Business has said clearly that regulatory enforcement is too often heavy-handed, inefficient and risk-averse all of which drains productive businesses of time and resources. They also cited examples of good practice that we need to capture and build on. That’s why we’re introducing a review of all regulators,” says Vince Cable.
?We will end the tick-box approach to inspection, including establishing sunset review clauses on most new statutory regulators created in the future.
Last summer, the government consulted with businesses to gather their views on where reform of enforcement was needed and where current approaches to enforcing regulation could be lightened or made to work in more constructive ways.