Generalist Versus Specialist Regulatory Models and the Risk of Unintended Deregulation

In an era of deregulation and resource constraints, there is a tension between the merits of a specialist versus a generalist regulatory model. Effective regulation is achieved when specific policy levers are used to address specific priority harms, and only then can the most appropriate regulatory model be determined. However, the choice is not a binary one. Consideration must be given to the current complex policy environment, and the unintended consequences of deregulation. This article postulates that policy-makers should be conscious of the different roles specialist and generalist regulators play in determining the best settings to make markets work for the long-term benefit of consumers.