‘Regulatory capture’ short-circuits transparency and accountability and is perhaps already better known in the UK as foxes running the henhouse, primarily by commodifying sovereign vulnerable citizens ie, children, elderly and unwell, for corporate profit.
The Parliamentary and Health Service Ombudsman (PHSO) is technically not a ‘regulator’ but it sits in the place of a regulator, holding public bodies to account. With just a 3% uphold rate from all complaints submitted in 2017/18 this is a body which ticks all the boxes for ‘regulatory capture’. With a revolving door between the Ombudsman and the bodies under their remit, a lack of transparency and no public accountability the PHSO legitimises poor public services across government and the NHS whilst extending the stress of injustice for members of the public who make a complaint.
Article reblogged from MBN Market Business News
Regulatory Capture – Definition And Meaning
Regulatory capture occurs when a government’s regulatory agency, which was created in the public interest, ends up advancing the political or commercial concerns of the very people, companies or entities it is supposed to be regulating. Regulatory capture, in…
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