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The Role of the Regulator.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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THE ROLE OF THE REGULATOR What are the Director's duties? The Director General of Water Services (the Director) is the economic regulator of the water and sewerage industry in England and Wales. His general duties are laid down in Section 2 of the Water Industry Act 1991 (WIA91). Philip Fletcher has been Director since 1 August 2000. The Director's primary duties He must ensure that: * the functions of a water and sewerage company, as specified in WIA91, are properly carried out; and * companies are able to finance their functions, in particular by securing a reasonable rate of return on their capital. Lenders and shareholders should be able to receive a return that is sufficient, but no more than sufficient, to induce them to make loans and hold shares, if the company operates efficiently. The Director's secondary duties Protecting customers Subject to the above, the Director has a duty to customers...
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