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Abstract

In the UK in the last fifteen years, independent regulators have increasingly monitored privatised companies in utilities, transport and telecommunications: both to oversee the natural monopoly elements of service provision and to foster competition and innovation where feasible. Within these companies, a managerial function has emerged specifically to cope with relationships with regulators. Coming to terms with the role of the regulator and the demands of the various regulatory frameworks has been a central part of the process of turning public sector monopolies into public companies responsive to shareholders and customers. This article chronicles and analyses the development of the "regulation function" within firms and concludes with four recommendations for managers.