Recommendation 3

There has been a significant degree of ‘mission creep’ as both regulators appear to have increasingly expanded the range of their activities into areas of business management that are outside their core responsibilities. This has increased bureaucracy and imposed significant monetary and resource demands on firms. We recognise that this trend is, in part, attributable to the varying requirements placed on the regulators by Government. However, there are clearly some areas of regulatory activity that were implemented on the regulators’ own initiative and have intruded into areas of business management that are beyond their regulatory scope.