The second section of the document makes clear that regulation needs improvement by using more co-regulation:
"We will cut red tape by introducing a ‘one-in, one-out’ rule whereby no new regulation is brought in without other regulation being cut by a greater amount.
• We will end the culture of ‘tick-box’ regulation, and instead target inspections on high-risk organisations through co-regulation and improving professional standards.
• We will impose ‘sunset clauses’ on regulations and regulators to ensure that the need for each regulation is regularly reviewed."
Surprising that some of this still doesn't exist in 2010!