As well as the Office of Gas and Electricity Markets (Ofgem) and the Water Services Regulation Authority (Ofwat), the group brings together the Civil Aviation Authority (CAA), the Financial Conduct Authority (FCA), the Office of Communications (Ofcom) , the Office of Rail Regulation (ORR) and the Northern Ireland Authority for Utility Regulation (UREGNI).
It is hoped the group will allow regulators to work closer together on issues of cross-sectoral significance and to learn lessons across industries which help to improve regulation and the promotion of competition in order to secure better outcomes for consumers.
The three main objectives of the new network are to improve the consistency of economic regulation across sectors, deliver efficiency of regulation, and to improve understanding of how independent economic regulation works in the interests of consumers, markets, investment and economic performance, identifying scope to do better.
The first areas of focus for the UKRN will include facilitating efficient multi-sector investment projects, promoting customer engagement and switching in regulated markets, assessing cross-sector resilience and cyber-security and developing a clear understanding of the overall affordability of regulated services for consumers.
Richard Price, the inaugural chair of the group and chief executive of ORR, said: “UKRN is an opportunity for regulators to build best practice and to identify ways to deliver greater benefits for the consumers they serve. By sharing expertise and analysis across our regulated industries, we can get new insights and make sure there is a joined-up strategic approach which reduces regulatory burdens, gives investors greater confidence, and delivers better for consumers.”