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What is the Better Regulation project?

Author: ICAEW

Published: 22 Mar 2023

A good regulatory environment is essential for a healthy and sustainable economy. This project aims to help ICAEW and its members understand how the UK’s regulatory regime might be improved and to use our insights to call for change where needed.
Good regulation is an essential ingredient of a strong, vibrant economy. But poor regulation can result in wasted time or money and lead to unintended consequences.

Whether we like it or not, regulation affects us all. So it is in everybody’s interests that the UK’s regulatory regime is as good as it can be. There is room for improvement. ICAEW members have valuable insights on this subject – and could help make a difference.

But engaging with the process of developing regulation sometimes seems like a daunting, possibly hopeless, task. Even understanding how the regime is meant to work can be challenging.

We hope that this initiative will help members to help us to improve the regulatory environment in the UK for the benefit of the country.

More about the initiative

ICAEW has long worked with the government and regulators to improve selected areas of regulation impacting our membership – for example, by responding to consultations on regulatory change. We often agree with the policy objectives of regulation, but we frequently find shortcomings in the way. This leads us to question whether the regulatory framework is operating as well as it should.

Through this new initiative, we will be drawing on our experience and seeking new insights from our members (and others) to assess whether the UK’s regulatory regime is good enough and, if not, how it might be improved. We will then apply our findings in our work with the Government and others who share our wish for the UK’s regulatory regime to be as good as it can be.

We have published a briefing outlining how the UK’s regulatory regime works (or is meant to work) to demystify what might otherwise seem to be a daunting subject.

We will be seeking views of members in business and practice about the regulation that impacts them – what works well or not so well, the nature of any concerns and how they might be addressed through the current regulatory framework, starting with feedback from members of ICAEW’s Small and Micro Business Community.

ICAEW cannot change the UK’s regime by itself. We will need to work with others and intend using our established networks and building new ones to do so.

How you can get involved

We would welcome your views on how well the UK’s regulatory regime works for SMEs including feedback on points raised by SMEs in our articles on the Better Regulation hub. Please email your thoughts to charles.worth@icaew.com.