Lords report shows the government must take urgent action to ensure regulators are properly funded

The House of Lords Industry and Regulators Committee has released a report looking at how to improve the performance of UK regulators.

 

Among the findings of the report, which Prospect provided evidence for, was that government should avoid overloading regulators with objectives and provide clarity on how to prioritise them where there are trade-offs

Government should also be clear on what it has delegated to regulators to decide independently and areas in which it will be appropriate for the government to provide direction, and then adhere to this delineation.

Prospect General Secretary, Mike Clancy, said:

“This report lays bare the key challenge our regulators are facing: an ever-growing list of responsibilities without the additional funding to enforce them effectively.

“Poor levels of pay have led to a recruitment and retention crisis, with the industries being regulated able to poach the most experienced staff and hobble regulators with a lack of institutional memory and skillset.

“The Government must urgently take action to ensure our regulators are properly funded and sufficiently independent to meet their obligations.”