The broad operating context for this Business Plan and Budget has been established through successful delivery of our Strategic Purpose.
Code 15 will come into force on 5 April 2022, and our focus for 2022/23 will be in ensuring that it delivers in practice its designed overall aims:
• achieving compliance in the market through standards being met, rather than through assessing impact against outcomes
• preventing consumer harm from happening in the first place, rather than dealing with it after it has happened
• providers finding the Code simpler and easier to comply with
• delivering smarter enforcement to underpin the effectiveness of the Code.
As we set out to achieve in our Business Plan for 2021/22, we have delivered on two main fronts during the year:
• we have developed a new Code of Practice, which when it comes into effect in April 2022 will best serve consumer interests in the current and expected market landscape
• we have continued to enhance our existing regulatory effectiveness, through applying Code 14 in ways that have successfully reduced the levels of consumer harm