Introduction
Access to good quality and affordable water, energy, communications and financial services is essential for people to live and function in modern society. In 2017, UK households spent a total of around £140 billion purchasing these services mostly from private companies. The characteristics of some markets mean that, left to their own devices, they risk failing to meet the needs of consumers or other areas of public interest, such as the environment. Each sector is therefore overseen by a regulator to ensure that services are provided in a way that protects consumers and meets public policy objectives. The four main regulators of these sectors—Ofwat, Ofgem, Ofcom and the Financial Conduct Authority (FCA), respectively—were set up to be directly accountable to Parliament, and each has a primary statutory duty to protect the interests of consumers.
Published: 12 July 2019