Editorial: Risk-based regulation is contradictory

So yesterday’s government announcement to cut red tape should have been positive news (see IFAonline story: Government issues promise to cut business regulation). Chancellor Gordon Brown said he believes the country should operate its regulatory models under a risk-based approach where “there is no inspection without justification, no form filling with justification and no information requirements without justification” creating a “limited touch regulatory regime”. The first impression was “this sounds great, the government may actually have listened to the industry and decided to ret...