Collection

BEIS: regulators’ business impact targets

Summaries of regulators' regulatory provisions under the government’s business impact target to reduce regulation on business.

The Department for Business, Energy and Industrial Strategy’s regulatory bodies must publish an assessment of their impacts on business as part of the government’s business impact target (BIT).

The policy objectives of the BIT are to:

  • reduce regulatory burdens on business and voluntary or community bodies, to free up resources and boost productivity
  • increase transparency around the impact of regulation on business
  • provide greater incentives for regulators to design and deliver policies that better meet the needs of business while respecting regulators’ primary duties

The reports below cover the period of the 2015 to 2017 parliament.

Statutory regulators

Under section 24A of the Small Business and Enterprise and Employment Act, the listed statutory regulators must publish:

  • their qualifying regulatory provisions (QRPs)
  • an assessment of the economic impact on business of those QRPs
  • a summary of regulatory provisions that are non-qualifying regulatory provisions (NQRPs).

The above must be agreed and validated by the Regulatory Policy Committee.

The UK Assay Offices: Business Impact Target

Financial Reporting Council (FRC): Business Impact Target

Office for Nuclear Regulation (ONR): Business Impact Target

Office of Gas and Electricity Markets (OFGEM): Business Impact Target

Oil and Gas Authority (OGA): Business Impact Target

Non-statutory regulators

Non-statutory regulators are required to have their assessments of their impacts on business agreed and validated by the Regulatory Policy Committee.

Although there is no statutory requirement for these assessments to be published, each of the BEIS non-statutory regulatory bodies have published their assessments for the 2016 to 2017 BIT reporting period (and in some cases for 2015 to 2016).

Regulatory Delivery: Business Impact Target

Published 16 January 2018