The Royal Charter requires the PRP to review the recognition of approved regulators to ensure they continue to meet the Charter’s recognition criteria. A cyclical review must be carried out as soon as reasonably practicable, two years after a regulator has been recognised and three yearly thereafter. The Charter also requires the PRP to undertake ad hoc reviews in exceptional circumstances and where there is a significant public interest in undertaking a review.
The PRP held a public consultation on reviewing the recognition of regulators and has now published its final decision together with the processes for reviewing approved regulators. For links to the relevant documents, click here.