The UK Government is diving headfirst into a comprehensive review of all regulators within its jurisdiction. Their goal? To eliminate unnecessary bureaucratic obstacles, making the most of the liberties afforded post-Brexit.
For 12 weeks, the review will rally input from various sectors: industry professionals, businesses, everyday consumers, and the regulators themselves. The objective is to cultivate a Smarter Regulation that not only bolsters the economy but also ensures the efficiency of the regulatory bodies.
A pressing concern that sparked this review was the feedback from the small business community. A staggering 39% disclosed that red tape was a primary constraint to their growth. With this knowledge, the government has taken it upon themselves to revamp the regulatory landscape in a bid to accelerate economic growth.
The ongoing assessment is an integral part of the Government’s dual programme of smarter regulation and deregulation. The ultimate goal is to heighten safety measures, reduce business-related burdens, and optimise regulations that favour economic advancement. One of the anticipated outcomes is the establishment of regulators that are both more accountable and in tune with the needs of their respective sectors.
Encompass Corporation CEO Wayne Johnson said, “While collaboration between businesses, the government and regulators, in the form of an evidence review, should shine a light on core issues affecting the financial services industry, the ultimate aims centre on fostering a more effective landscape that also enables growth.
“Within this, it is vital that both meeting regulatory requirements and powering business efficiency remain top of mind. Finding the right balance between the focus on regulation and innovation at all stages is key.
“Taking Know Your Customer (KYC) due diligence, for example, banks need more robust, efficient KYC processes to boost compliance, customer experience and find this efficiency. Across all areas of regulation, supporting innovation must be a strong consideration, and we should continuously work to create an environment that allows game-changing technology-driven solutions and processes, such as KYC process automation, to be developed and implemented in order for the benefits to be seen.”
Kemi Badenoch, Secretary of State for Business and Trade, chimed in with her perspective, saying: “I want us to use our Brexit freedoms to scrap unnecessary regulations that hold back firms and hamper growth. It’s clear that the regulators that enforce the rules can also sometimes be a blocker to businesses, so our review will seek to root out the bad practices with the aim of making companies’ lives easier and reducing costs for consumers.”
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