03-Oct-2018
From watchdogs of industry to consumer champions...
PA Consulting, the innovation and transformation consultancy, today launches a report on the future of UK regulators. In the climate of fake news, consumer power, and rapidly evolving consumer expectations, the report identifies the need for regulators to remodel themselves as consumer champions, whilst continuing to fulfil their statutory duties.
The report, Re-thinking Regulators, is based on interviews with over 2,000 consumers, 500 regulated business, and 30 regulators. Key findings include:
- All sectors are looking to regulators to support innovation. Most organisations see regulators as enabling innovation (45 per cent) – as opposed to blocking it (26 per cent). Over the next five years, most want regulators to retain an enabling role, with nearly a third looking for regulators to drive innovation (31 per cent). That is particularly true in the financial services sector (20 per cent to 30 per cent).
- Expected loss of business and revenue dip if regulators don’t change. 92 per cent of businesses surveyed say that if regulators in their sector fail to evolve - in areas like processes, technology, manpower, and culture - they expect to feel a negative impact within three years. Expected revenue loss is 8 per cent on average.
- Organisations expect to lose a quarter of their business to disruptors in the next five years. 95 per cent of organisations expect at least some business activity or revenue to be lost to new or disruptive businesses in the next five years. Across sectors, this is expected to represent 20 per cent.
Conrad Thompson, business transformation expert at PA Consulting, comments: “Regulators are seen to be doing a good job by both consumers and businesses, contradicting previously accepted thinking that regulation is an unfair burden on businesses that does little to help those it is supposed to protect. Regulators cannot, however, be complacent.
“Regulators need to be far more purposeful in their role as champions of the public. They need to be more comfortable with trying new approaches and techniques and being agents of change rather than burdens in their industries. More than ever, they need to be prepared to take risks and occasionally admit to past mistakes.”
To download a copy of the report, visit: http://www2.paconsulting.com/Re-thinkingRegulators_download.html?_ga=2.3684149.469421896.1530519887-258725269.1525775910read more