Trust, regulation & ‘Perception of regulation’

Trust thought for the day: Trust, regulation and the 'perception of regulation'.

Great chart showing the importance of good regulation and its role in trust - here in food from YouGov and Red Tractor UK Trust in Food Index.

The report also concluded that 'the key learning that can be drawn from other sectors is that regulation, or at least the perception of regulation, together with independent third-party scrutiny, can have a hugely beneficial impact on trust."

This perception of regulation has been bugging me. I recall research I can't find that people assume, not unreasonably, that products on the market are regulated by somebody, or they wouldn't be allowed. When they find out that many products, particularly new tech products (I'm researching Neurotech and the moment, a total Wild West) they are really really shocked.

They naturally assume there is a system and that it works. I spoke to a non-tech regulator who told me "If they only knew how shambolic it the reality was in many areas they would be horrified."

Perhaps instead of the trust crisis being about a lack of trust in the system, there is in fact too much trust? And more push back to government and regulators needed for regulation that works, that we know about and we can understand what it is for and what it does. (Finding 1 of my trust in governance report btw. (www.tigtech.org).

Looking at you Office for AI, ICO, CDEI!