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Nov 22nd
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News Business News New code aimed at cutting red tape
News Business News New code aimed at cutting red tape | New code aimed at cutting red tape |
 The government has introduced a new code of practice that requires regulators to take a lighter touch when enforcing rules and regulations.
The Regulators’ Compliance Code, which came into force at the weekend, should save businesses both time and money by improving the way that regulators work.Central to the code, on which over 400 organisations were consulted, is that regulators adopt a risk-based approach to inspection and enforcement. As a result, there should be fewer inspections and fewer administrative burdens for the majority of businesses that comply with the rules, but more rigorous inspection when there is high risk of a business flouting the regulations. In practical terms, unnecessary inspections, form filling and information requests should be reduced. Businesses can also look forward to better advice on how to comply with the law, and more transparent, flexible and consistent enforcement. Business and Competitiveness Minister, Shriti Vadera said: “The government understands that regulation is one of the top concerns for business. The Compliance Code requires regulators to work better with business and ease the burdens placed on those who operate within the rules.” The Minister added: “Regulators must take a light-touch approach to companies who comply with the law and target enforcement only at those who benefit by flouting it.” Businesses that believe a regulator has failed to follow the code can challenge them through Judicial Review. Chris Hannant, head of Policy at the British Chambers of Commerce, welcomed the code as a step in the right direction: “Since 1998 the cost of regulation to British businesses has risen to £66 billion. By recognising the need for a light-touch approach, the government now appears to recognise the need to halt the flow of more unnecessary red tape.” |
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