It is highly regrettable that the Conservatives have U-turned on their manifesto position of only a few weeks ago. Their manifesto recognised the industry's significant efforts to make self-regulation even more effective. Those efforts should now be given the chance to prove their effectiveness - as the Prime Minister's manifesto had promised.
The PRCA will now work to prove to the Government why this proposal should not be taken forward any further.
It is quite remarkable that given all of the serious issues the country faces, this non-issue should be prioritised.
Francis Ingham, director general, PRCA (from prweek.com)