Recommendation 73

We have been critical of the complexity of the regulatory system, and the regulators’ contribution to that complexity, for example, by creating a heavy compliance burden and areas of regulatory overlap. However, we recognise that the regulators themselves are subject to a multitude of regulatory objectives and principles, and that requiring the regulators to consider multiple and multi-faceted ‘have regards’ adds complexity to policy and rulemaking process, and risks slowing down decision-making.