Regulatory Compliance Governance Group
The Regulatory Compliance Governance Group meets regularly to review the company’s activities in relation to these obligations against a register of Licence of Appointment, Non-Household Retail Market Code and ad-hoc regulatory compliance lists. Failure to ensure compliance with regulatory obligations will render South West Water at risk of legal action, financial or reputational penalties and regulatory sanctions. In April 2016, Bournemouth Water merged with South West Water. The Regulatory Compliance Governance Group therefore covers the area supplied by both Bournemouth Water and South West Water.
The purpose of the Regulatory Compliance Governance Group is to:
- Protect the company from breaches of regulatory compliance for which the Regulatory Director is accountable
- Use best endeavours to ensure that, to the best of its knowledge, South West Water’s regulatory activities comply with regulatory obligations and expectations
- Conduct risk-based reviews of regulatory compliance
- Maintain a Condition R Compliance Code which complies with the appropriate version of Ofwat’s compliance guide; ensure it remains appropriate and accurately reflects business practices; recommend amendments to the Executive Management Board
- Review and where necessary update the Condition R Compliance Code no less than annually
- Collate evidence of compliance with regulatory and legal obligations and expectations
- Conduct a quarterly review of compliance activities
For more information please see the Terms of Reference for the group here.
Condition R Compliance Code
Condition R of our Licence Appointment requires the company to have in place a Compliance Code. Amongst other things, the Code covers the provision and confidentiality of information between South West Water and any Licensee, to ensure that South West Water does not obtain a competitive advantage in the provision of water services.
The Condition R Compliance Code can be found here.