At the Institute of Regulation Conference 2026, TSO hosted a panel exploring a critical question: what does it take to build effective regulatory relationships in practice?
Our panel brought together senior leaders from across the regulatory landscape, including:
- Miranda Craig, Director of Strategy and Change, Financial Reporting Council (FRC)
- Dr Russell Richardson, General Counsel and Company Secretary, North Sea Transition Authority (NTSA)
- John Russell, Chief Executive, Single Source Regulations Office (SSRO) and Chief Executive, UK Regulators Network (UKRN). John also sits on the board of the Institute of Regulation.
As regulation becomes more complex, the effectiveness of the system increasingly depends on how well regulators and stakeholders work together not just structurally, but in practice.
A shared challenge: complexity, clarity and competing priorities
Through live Slido input and discussion, a clear and consistent picture emerged.
Across sectors, organisations are navigating:
- Complex landscapes, often involving multiple regulators
- Conflicting or competing priorities
- Limited time, resource and capability
- Communication challenges and lack of clarity, particularly where regulatory requirements are presented differently across organisations, making it difficult for stakeholders to interpret what applies to them and how to act on it.
- Issues of trust, credibility and misunderstanding, where differing expectations, inconsistent messaging or lack of visibility can lead to confusion about regulatory intent and how requirements should be applied.
For many, the challenge is not just compliance it is understanding what is required, by whom, and why.
This is often compounded when regulatory approaches are not aligned, or when stakeholders are left trying to interpret different expectations across organisations.
Collaboration vs cooperation: a critical distinction
One of the more nuanced themes explored during the session was the distinction between cooperation and collaboration.
Cooperation often exists, driven by necessity, process or statutory requirement.
But true collaboration requires something more:
- A shared mindset
- Alignment of objectives
- Proactive engagement
- The ability to work across organisational boundaries
This is not always straightforward. Barriers such as restrictions on information sharing (for example statutory gateways), differing regulatory remits, and variations in capability and resource can make alignment more difficult.
At the same time, the growing focus on regulation for growth introduces an important additional dimension with “growth” being interpreted differently across sectors and contexts and requiring careful balance alongside other regulatory duties and objectives.
Trust, confidence and shared understanding
Alongside structural challenges, the discussion reinforced the importance of trust, confidence and shared understanding.
These are not abstract concepts they are operational realities that underpin how regulation works in practice.
Effective relationships require:
- Clarity of purpose
- Consistency in approach
- Ongoing dialogue
- Realistic expectations on both sides.
As one panelist reflected: “Strong regulatory relationships are built on trust and clarity ensuring that those being regulated understand not just what is required, but why.” Miranda Craig, Financial Reporting Council.
For regulators, this often means balancing collaboration with enforcement responsibilities, while ensuring stakeholders understand both the intent and the impact of regulatory activity.
As discussed during the session: “Building effective regulatory relationships isn’t about reducing scrutiny it’s about improving understanding, alignment and outcomes through better collaboration.” Dr Russell Richardson, North Sea Transition Authority
What practical steps are emerging?
Encouragingly, the discussion did not just highlight challenges it also highlighted a number of practical actions that regulators can take forward.
Several themes stood out:
1. Start with stakeholder clarity
Stakeholder mapping was one of the most frequently cited actions. Understanding who needs to be engaged, and how, is foundational to building effective relationships.
2. Align around shared objectives
Creating dynamic, shared goals between regulators and stakeholders can help reduce friction and improve outcomes.
3. Build collaboration into the system
This includes:
- Cross-regulator working groups
- Innovation hubs and sandboxes
- Sharing data, insight and resources
4. Use moments of change to reset relationships
Periods of disruption or crisis can provide an opportunity to rebuild trust and establish new ways of working.
5. Be clear on approach and expectations
Clarity around the distinction between monitoring and enforcement and consistent communication helps reduce misunderstanding.
A common reality: scale and responsibility
Across the discussion, one point stood out clearly: Regardless of size, regulators are operating within systems far larger and more complex than themselves.
This creates a shared challenge but also a shared opportunity.
By working more collaboratively, regulators can:
- Improve visibility across the system
- Reduce duplication and fragmentation
- Deliver more coherent and effective outcomes
As highlighted by the panel: “There is real opportunity for regulators to work more closely together sharing insight, aligning approaches and learning from each other to improve outcomes.” John Russell, UK Regulators Network.
From intent to action
There is strong appetite across the regulatory community to strengthen relationships and collaborate more effectively.
The challenge now is translating that intent into consistent, practical action supported by shared approaches, clear communication and a commitment to ongoing engagement.
At TSO, we will continue to bring together regulatory leaders to explore these type of challenges and share insights from across the sector in our Roundtables. To be a part of this group please email tsobd@tso.co.uk
Blog post written by Alan Blanchard, TSO Business Development Director.
