Regulation of industries has the main purpose to protect the well-being and security of people who use their services.
Nevertheless, some companies may have harmful effects on the public. So, to avoid the various negative impacts and to ensure that the firms’ practices lead to their customers’ welfare, they must be highly regulated. Here are five industries that are strictly regulated and the effects of these measures on the public.
The UK has become one of the best destinations for gamblers across the world. The bookmakers and the casino operators have grown their businesses in this territory because gambling is heavily regulated there which is advantageous for the concerned sides. Under this strict regulation, there is a regulator entity called UKGC (UK Gambling Commission). This powerful local authority was formed under the 2005 Gambling Act in 2007 with the roles to regulate and supervise the gambling activities within this territory.
Also, there is a self-exclusion system called Gamstop. Every gambler could stop playing using this organization. But this action has negative consequences too. Some of the trusted online casinos not on Gamstop program are still accepting registered self-excluded users as CasinoGap says. Any business within gambling like casinos, bookmakers, National Lottery, remote gambling, and arcades are regulated by this government body. Additionally, the UKGC ensures that gambling is run fairly meaning each operator has to apply effective measures to avoid possible gambling issues.
Finance means money management and money is obviously a sensitive subject as it can lead to different types of financial crimes. The Financial Conduct Authority (FCA) was established to prevent illegal practices. This financial regulatory body was launched in 2013 and has the role to regulate the financial service in the United Kingdom. The homeowner mortgages there are covered by FCA.
Another regulatory entity is the Prudential Regulation Authority (PRA) which is responsible for supervision and regulation banks, credit card issuers, insurers, investment companies, and building firms. The body was founded in 2013 and has also the responsibility to oversee the financial establishments. The PRA introduced new rules in 2017 that oblige the lenders to verify if the landlords have already had more commercial mortgages to avoid issues.
The question that is asked here is “why is the advertising industry the most highly regulated too?” To answer this question, advertising should be strictly regulated in order to provide more relevant advertisements that can target the appropriate audience. The Advertising Standards Authority (ASA) is responsible to supervise all types of advertising such as on-air, in print, and online. This agency is independent of the government and it cannot enforce the laws. Created in 1962, the ASA has the code to make sure that every advertisement is a responsible advertisement.
Being healthy is the primary requirement to make humans happy and it also contributes to the country’s development. Several regulatory bodies on the health industry exist to ensure that the various sectors are applying suitable practices. Not only physical health is included, but mental health too. For example, there are a lot of organizations that help addicted people such as Gamstop UK scheme. One of them is the Professional Standards Authority (PSA) that specializes in health and social care.
Another regulator is the Medicines and Healthcare products Regulatory Agency (MHRA) that has the main code to ensure that medicines and medical products are safe and reliable. Moreover, MHRA has also the duty to regulate medicines, medical tools, and blood component transfusion. The Care Quality Commission (CQC) is also another entity that focuses on patient well-being.
This independent commission ensures the quality and safety of health and social care services in the UK. There are also other smaller regulators including the Nursing and Midwifery Council and the General Medical Council which have the same purpose to regulate health care.
The Food Safety Act is the legislation that requires the British to treat foods for human consumption and to meet quality standards. Apart from that, ensuring the safety of dietary supplements is also another duty of this legislation. Agriculture and production are controlled by two entities like Food and the Rural Affairs and the Department for Environment. Another regulatory authority is the Food Standards Agency. This body has to oversee food safety as well as to run the food hygiene rating scheme. Furthermore, the Department of Health is another body that is responsible for the nutrition facts label.
All industries are regulated for various important reasons and a few of them must be strictly regulated for the security of the public. In heavily regulated firms, different types of regulatory authorities oversee and regulate these industries by implementing effective policies and strategies.
Each of these companies has different entities to make sure that these bodies can be competent in their practices. The United Kingdom is very strict when it comes to public safety and one of the measures is to create skilled regulatory agencies.