Long description

Two pyramids. Sitting at the bottom of both pyramidsis a box which reads 'Observe and listen actively to understand regulatee, their operations and regulatory environment'.

In the Pyramid of Supports pyramid, the boxes making up the pyramid from bottom to top then read:

• Nurture continuous improvement through support networks
• Praise and reinforce good risk control and management
• Recognise good practice among industry peers
• Reward performance.

In the Pyramid of Sanctions pyramid, the boxes making up the pyramid from bottom to top read:

• Support capacity and motivation to improve risk control and management
• Issue notices to remedy or prohibit serious threats or persistent non-compliance
• Enforce undertakings to require substantial improvement in practice
• Penalise by prosecution, fines, licence cancellation.