Source · Select Committees · Industry and Regulators Committee

Recommendation 57

57 Paragraph: 344

In many areas, it appears unclear to institutions what compliance with the regulatory framework looks...

Conclusion
In many areas, it appears unclear to institutions what compliance with the regulatory framework looks like or why the OfS requests data from them. This lack of clarity for providers extends to the OfS’ approach to investigations, where it is not clear what has triggered investigations, the process involved or the likely timescales and outcomes. Uncertainty over why the OfS acts in the way that it does has created distrust and friction between the regulator and the sector.
Paragraph Reference: 344
Government Response

A response document is linked to this report, dated 28 November 2023. Response attribution to this conclusion has not been verified. Read the response document ↗