Regulators and the industries they supervise have for some time been under pressure from demands for greater transparency, increased consumer protection and enforcement. The Brexit vote has increased that pressure dramatically. Regulators now need to respond in a context of significant uncertainty, as well as being tasked with unpicking highly complex legislative and policy issues, against a backdrop of a potential economic downturn.
Across a wide range of sectors, regulators will find themselves in the spotlight. They will play a key role in protecting the UK’s position as a strong trading partner with Europe whilst developing regulatory regimes that could benefit domestic industry. Much complexity lies ahead in tailoring policies to ensure the UK remains an attractive place to do business while assessing where equivalence with the EU should be retained.
In dealing with all of this, regulators will face significant operating challenges. They will need to take on more activity, transform their organisations and systems, all at a time when licensing fees and government funding may decline. Succeeding in this environment will require careful resource management, effective operating models and clear customer focus.