Economic regulators in the UK have combined to form the UK Regulators Network (UKRN), in order to improve coordination across regulated sectors to enhance investment and efficiency to deliver customer benefits.
The regulators concerned are the Civil Aviation Authority (CAA), the Financial Conduct Authority (FCA), the Office of Communications (Ofcom), the Office of Gas and Electricity Markets (Ofgem), the Water Services Regulation Authority (Ofwat), the Office of Rail Regulation (ORR), and the Northern Ireland Authority for Utility Regulation. Monitor and the Water Industry Commission for Scotland (WICS) are participating as observers.
The key objectives of UKRN are:
- to improve the consistency of economic regulation across sectors;
- to deliver efficiency of regulation;
- to improve understanding of how independent economic regulation works in the interests of consumers, markets, investment and economic performance.
UKRN’s work programme is due to be published in May and will include:
- facilitating efficient multi-sector infrastructure investment projects;
- promoting consumer engagement and switching in regulated markets;
- assessing cross-sector network resilience and cyber-security;
- developing a clear understanding of the overall affordability of regulated services for consumers.
UKRN replaces the Joint Regulators Group, the membership of which was broadly similar to that of UKRN.