Ben Summers, a partner with Peters & Peters, a law firm specialising in regulation, told the FT that research by his firm revealed little sign of regulators making moves to implement the Act. "Given the new regime which the act heralds and the expectation which the government clearly has of it, there is a surprising lack of proposals from any of the national regulators", observes Summers.
Ominously, BERR says that it is having ‘constructive discussions’ with the 27 regulators that fall within the Act’s remit. If the new statute goes some way towards consolidating regulatory overlap it is to be welcomed, but in the meantime the jury remains out.
REG will monitor developments closely. If readers have any personal experience of the new Act as implemented, please get in touch with us at email@example.com.
Keith Boyfield is the chairman of REG, the ASI’s regulatory evaluation group.