Crab Insight March 2021

Red Tape Busters Volume 8, Issue 06, `Regulatory Regimes’

 

Welcome to the March edition of Crab Insight

So the evenings are drawing out and the clocks spring forward soon. Spring is definitely in the air with crocuses and daffodils in bloom.

Despite this, our focus at Crimson Crab HQ is on regulatory regimes, as they affect all businesses to varying degrees.

HR management, data protection and health and safety management can be problematical so please do take a look at some of our solutions:

 
 
 

Claudia Crab’s March Focus

Claudia the Crimson Crab icon

Regulatory Regimes

“Many people who try to do big bold things in the world find out it’s not about the money or the technology: It’s about the regulatory hurdles that will try and stop you.“ – Peter Diamandis, US Businessman founder and chairman of the X Prize Foundation

There are a vast array of regulators in the UK many of whom have varying impacts on business depending on the industry, from the Care Quality Commission and the Law Society to the Charity Commission and Ofqual.

However, there is a significant number such as the Information Commissioners Office (ICO), the Advertising Standards Authority (ASA) and the Competition and Markets Authority (CMA) which are universal. 

The regulators’ purpose is to ensure there is a level playing field and protect the weaker party in any transaction (which is usually the client or customer).

If a regulator has cause to investigate a business, they will try to demonstrate insufficient control over business processes and procedures.

It makes sense to be in a position to show that you have done everything possible to comply and that you carry out checks to make sure that your procedures work.

That way the regulator will be more likely to help resolve compliance failures, rather than take enforcement action which can prove costly for a business and damaging to its reputation.

This follows Crimson Crabs strapline:

Ethical  |  legal  |  Responsible

How are you following all the rules and regulations that affect your business? 

Look out for our social media posts and our blog later in the month as we will hopefully be able to flesh out your thinking.

Top tip – A great starting point is to understand the regulatory regimes that apply to your business and our Business MOT can help


F2 Business Huddle Online

Friday 12 March 2021

12 noon to 2 pm

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Until next month look after your reputation!!

Ethical, legal, responsible trading wave
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