On 20 June 2018, the Government announced its BIT target of £9 billion of regulatory savings during last Parliament.
The independent Regulatory Policy Committee (RPC) verifies BIT assessments of qualifying regulatory provisions (QRPs) and summary statements of non-qualifying regulatory provisions (NQRPs), i.e. regulatory provisions that do not count towards the BIT.
Ordinarily, regulators would have been required to publish the “required documents” for the third reporting period by July 2020. However, as a result of the early general election, the statutory deadline for regulators changed and became no later than two weeks before the dissolution of Parliament.
The dissolution of Parliament was set for 6 November 2019, just six days after the early general election was approved. Therefore, the statutory deadline for regulators to publish the “required documents” had already passed when the election was approved, making it impossible for regulators to comply with the SBEE Act requirements in this exceptional circumstance. For transparency, Government has made every effort to provide as full a picture as possible of the regulatory provisions of listed regulators within this report. Regulators will continue to work towards publishing the relevant required documents as soon as feasibly possible.
This reporting period covers the third reporting period of the last Parliament, 21 June to 12 December 2019. In the reporting period, we had one qualifying regulatory provision (QRP), which was Specific Direction 10 requiring the introduction of Confirmation of Payee (SD10). The RPC has validated our BIT assessment of SD10, including the BIT Score of -£32.5 million. The BIT Score is an estimation of the direct cost to businesses.
The PSR also had a number of measures that are BIT exempt, including several activities related to policy development, a range of casework activities, communications and stakeholder management activities, and a change to management. RPC verified the PSR’s NQRP summary statement on 26 June 2020.