THE NEED FOR A REGULATORY CHARTER
Journal of Financial Regulation and Compliance
ISSN: 1358-1988
Article publication date: 1 February 1993
Abstract
There has been growing concern about the accountability and procedural safeguards surrounding the economic regulation in privatised utility industries (telecommunications, gas, airports, water and electricity). In the paper, the source of the problems is identified as the overreliance on the discretion of regulators, the absence of consistent and strong procedural protection which would ensure that decisions are explained, and weak and highly ambiguous channels of accountability. The arm's length relationship between government and industry following privatisation has made regulation more adversarial and personalised. In order to deal with this new situation, more formal procedures are required which limit regulators' powers and discretion, increase procedural safeguards, and formalise and strengthen the system of checks and balances which operate on regulators. A positive set of proposals which satisfy these requirements is set out by the author.
Citation
VELJANOVSKI, C. (1993), "THE NEED FOR A REGULATORY CHARTER", Journal of Financial Regulation and Compliance, Vol. 1 No. 4, pp. 355-363. https://doi.org/10.1108/eb024782
Publisher
:MCB UP Ltd
Copyright © 1993, MCB UP Limited