Uniac - July 2022

31 Finally, it is worth noting that many regulators – including the OfS – are also subject to ‘The Regulators’ Code’ published under the Legislative and Regulatory Reform Act 2006 (3). The Regulators’ Code requires that regulators “must have regard to the Code when developing policies and operational procedures that guide their regulatory activities. Regulators must equally have regard to the Code when setting standards or giving guidance which will guide the regulatory activities of other regulators.” The Regulators’ Code includes various principles, including the requirement that regulators • should carry out their activities in a way that supports those they regulate to comply and grow (principle 1) • should ensure clear information, guidance and advice is available to help those they regulate meet their responsibilities to comply (principle 5). Indeed, the Regulators’ Code goes on to specifically raise the issue of the size of the provider in section 1.1 "Regulators should choose proportionate approaches to those they regulate, based on relevant factors including, for example, business size and capacity."