Released 05 October 2021
In its response to the Government’s 'Reforming the Framework for Better Regulation' consultation, the Institute of Chartered Accountants in England and Wales (ICAEW) is calling for a new, better framework and a new body to make it work.
The Government is seeking to overhaul the UK’s framework for regulation as it plans for a new approach following the UK’s exit from the European Union. That seeks to give regulators more authority to set detailed rules, following objectives set in statute.
Charles Worth, ICAEW Head of Business Law explained: 'We feel that reform is needed, but it needs to be done carefully if it is to meet the objectives of reducing unnecessary regulatory burdens and promoting growth. More is required than simply giving regulators a greater role and tweaking the current framework'.
The ICAEW response to the consultation calls for the principles within any new framework to remain relatively short and easy to follow. It is also calling for the establishment of a new independent body for good regulation which would be accountable to Parliament and help ensure regulators are accountable for applying the new framework.
More information can be found at https://www.icaew.com/insights/viewpoints-on-the-news/2021/Oct-2021/ICAEW-calls-for-new-framework-and-body-for-good-regulation.