The current Regulation Team Standards (RTS) were agreed with HMRC in May 2009 as a way to assess the Regulations Team’s performance against the principles of Better Regulation and the requirements of the Terms of Approval (TOA). The RTS were based upon the Regulator’s Compliance Code (2007) and the Code of Practice on Consultation (2008).
The Regulator’s Compliance Code (2007) has now been replaced by the Regulators’ Code (which came into force in April 2014); and the Code of Practice on Consultation (2008) has been replaced by new Consultation Principles (October 2013). In light of the revision to these external standards, we have reviewed the RTS to update and simplify the requirements and continue to drive good practice within our Regulation Team’s work.
As part of our review work, we concluded that it would be more appropriate and more in line with the Regulators’ Code, for the RTS to include all of our regulatory work. The RTS will become the ENTRUST Regulator Standards (ERS) to reflect and measure the regulatory work that we complete each year.
From 2014/2015 onwards our annual review will consist of 25 standards spread across the seven areas encompassing the regulatory work undertaken throughout the organisation and reflect the standards detailed in the Regulators’ Code. The seven areas covered are:
- Policy review;
- Advice and guidance;
- Data and information requests;
- Enforcement; and
The standards are based upon the framework set out in the Regulators’ Code and (where appropriate) the Consultation Principles.