The partial Regulatory Impact Assessment (RIA) for licensing private investigation and precognition agents has been approved by the Home Office and has been published.

The Private Security Industry Act 2001 sets out under Schedule 2, Part 1, that the Security Industry Authority (SIA), has the remit to consider the licensing of Private Investigation (section 4) and Precognition Agents (section 4A).

This consultation document sets out the options for the future regulation of the activities of private investigation and precognition agents. The RIA illustrates the need for licensing on the basis of the potential harms posed by these activities. It then shows different options for regulation of one or both sectors to address these harms.

These range from doing nothing and allowing one or both sectors to continue to self regulate, to implementing a licensing scheme with core competency requirements attached. The RIA also sets out the likely cost and benefits of the options. The document seeks views on all the options presented.

The RIA is aimed at individuals or companies operating within the Private Investigation or Precognition Agent sectors, their Associations, Agencies and Forums. It is also aimed at purchasers of these services; such as insurance companies and the legal profession, and the subjects of either activity. It will also be of interest to other public or private sector organisations with an interest in the activities of private investigation or precognition agents, or those individuals or companies with a general interest in the wider private security industry.