Impact assessments (IAs) are a key way in which regulators balance different obligations and objectives, and ensure that in making a decision to intervene that regulatory action is both proportionate to the issue at hand and not unduly burdensome on the those that they regulate.
Our Impact Assessment Framework provides all of our stakeholders with a clear picture of how we assess the likely impact of our policies. The purpose of this Framework is to provide enhanced clarity about how we discharge our regulatory duties. This includes explaining the circumstances in which we are likely to conduct an IA, and where we are not likely to conduct an IA. It also summarises our approach to conducting IAs.