The business impact target is about reducing regulatory burden on business as part of the Small Business, Enterprise and Employment Act 2015. It places a duty on RSH to assess the economic impact of any new regulatory provisions or changes and to report on the associated cost to business.
The BIT assessment reports includes:
a list of all qualifying regulatory provisions – changes to regulatory policies or practices described in a written ministerial statement. These are submitted to the Regulatory Policy Committee for validation.
a summary statement of non-qualifying regulatory provisions – excluded from the BIT. These are submitted to the RPC for certification.
The regulator also has a duty to exercise its functions in a way that minimises interference and, so far as is possible, is proportionate, consistent, transparent and accountable. In addition, it has a duty – the ‘growth duty’ – to have regard to the desirability of promoting economic growth. See Regulating the Standards to find out more about our regulatory approach.