UKRN brings together the Civil Aviation Authority (CAA), The Financial Conduct Authority (FCA), Office of Communications (Ofcom), The Office of Gas and Electricity Markets (Ofgem), Office of Water Regulation (Ofwat), the Office of Rail Regulation (ORR) and the Northern Ireland Authority for Utility Regulation (UREGNI). Monitor and the Water Industry Commission for Scotland (WICS) are also participating as observers.
The network is a vehicle for co-operation that supports the separate independent regulatory frameworks of the individual regulators. It will allow regulators to work closer together on issues of cross-sectoral significance and to learn lessons across industries which help to improve regulation and the promotion of competition in order to secure better outcomes for consumers.
The three main objectives of the network are to improve the consistency of economic regulation across sectors, deliver efficiency of regulation, and to improve understanding of how independent economic regulation works in the interests of consumers, markets, investment and economic performance.
Richard Price, chair of the group and chief executive of ORR, said: “UKRN is an opportunity for regulators to build best practice and to identify ways to deliver greater benefits for the consumers they serve. By sharing expertise and analysis across our regulated industries, we can get new insights and make sure there is a joined-up strategic approach which reduces regulatory burdens, gives investors greater confidence, and delivers better outcomes for consumers.
“Independent regulation has delivered significant benefits for UK consumers through improved quality, innovation, better prices, greater choice and better protection where competition is not yet viable. The UK’s track record in economic regulation is an enviable one.
“We have come together to build on these successes so that each of us, in our own sectors can raise the performance of independent regulation in promoting consumer interest, securing a stable environment for efficient investment and innovation and more effective dialogue with government.”