Panel Effectiveness Review findings and next steps
Market self-governance is at the heart of decision-making in the industry and the market codes Panel plays a key role in supporting self-governance.
In our 2020/21 Business Plan we committed to working with the Panel to improve the existing governance arrangements and work jointly with the Panel to develop and deliver against a strategic, multi-year roadmap for the market. This included undertaking a review of market governance and Panel effectiveness.
Satori Board Review carried out a survey of wholesalers and retailers and detailed interviews with Panel members and other key stakeholders.
Satori’s findings report made 42 separate recommendations. In particular, it highlighted the need for a well-constructed understanding of the Panel’s purpose, noting that there is…’ considerable variation as to what stakeholders expect of the Panel’.
With the findings now published and accepted by the Panel at its February meeting, we will continue to work with stakeholders to implement the recommendations through two workstreams - strategic and tactical.
The Panel will be undertaking work to progress these recommendations over the coming months. This will encompass:
- A strategic thread which will see further consultation and engagement with wholesalers, retailers and other stakeholders to clarify the role and purpose of the Panel. Clarity of purpose will drive decisions on future Panel and committee structure and composition.
- A tactical thread which focuses on quick wins and working practice adjustments as part of a service improvement programme.
This will include work to improve transparency and communication of Panel activities; enhancements to meeting protocols; improvements to support efficient consideration and prioritisation of changes; improved cost and impacts reporting and mechanisms for the Panel to evaluate its own performance and gather feedback from its ‘customers’ on a regular basis.
We will provide regular updates on the progress of this work going forward and we will highlight further opportunities to get involved in shaping the next phase of market governance as this work progresses.
Trisha McAuley, Panel Chair, said: “As we approach the fourth anniversary of market opening, now is the time to take stock of the Panel’s role in supporting and enabling the market to deliver the best outcomes for its customers. The Panel cannot, and must not, do this in isolation from its stakeholders and from trading parties across the spectrum of the market. We will be reaching out to stakeholders to hear their views and I urge everyone to get involved in helping the Panel shape its future.”