1.36We will embed in our approach to regulation our objective to secure efficiency in qualifications markets. We propose that the recognition criteria and conditions of recognition should promote the availability of information on costs and fees and enhance economic transparency within the markets. We address both demand and supply side issues in our proposed approach. We have a duty to make sure that our own demands do not create an undue burden or have a disproportionate impact on costs.
1.37If we have concerns about the efficiency of an aspect of a market we propose a staged approach to the investigation of our concerns. We will monitor the competitiveness of the qualifications market and, where necessary undertake market studies. If a study confirms that there is cause for concern as to how the market is operating we will seek to implement the least intrusive regulatory mechanism to address the concern identified.
1.38If other actions are ineffective and we are satisfied that a limit is necessary in order to secure value for money, we will make use of the fee-capping power in the Act. This consultation seeks views on the procedures we should put in place to ensure a decision to cap fees is properly made and, where requested, reviewed. We shall prepare the procedures in detail in the light of the views which we receive, and may consult on them again.
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