UK's Ofwat Set for Supervisory Role in Regulatory Overhaul
The UK water regulator needs to take a more supervisory role akin to the banking sector in order to help stem the industry's worst crisis in decades.
Ofwat currently relies heavily on 'comparability' — or benchmarking water companies against one another to assess efficiency and justify customer bills. A more supervisory approach would allow the regulator to be more reactive and possibly intervene earlier when issues arise, according to interim findings from the Independent Water Commission published on Tuesday.
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