Better Regulation Principles
Five principles for better regulation were identified by the Better Regulation Task Force. As a regulator we strive to meet these five principles in what we do and try to ensure that our regulatory activities are fit for purpose.
The five principles are:
- Proportionality: Regulators should intervene only when necessary. Remedies should be appropriate to the risk posed, and costs identified and minimised.
- Accountability: Regulators should be able to justify decisions and be subject to public scrutiny.
- Consistency: Government rules and standards must be joined up and implemented fairly.
- Transparency: Regulators should be open, and keep regulations simple and user-friendly.
- Targeting: Regulation should be focused on the problem and minimise side effects.
In our next five newsletters, we will try to show how we meet each of the five principles.