If the market you operate in falls within charity, education, environment, finance, health, housing, law, social care, transport or utilities, the chances are that you have to ensure compliance with a number of rules. You may also be subject to scrutiny from time to time to ensure that you are following the rules. You may have your right to trade evoked if you can’t evidence that you are following the rules too. If this were to happen it could cause you irreparable reputational damage.
Regulation is usually overseen by the government and is designed to protect consumers and the vulnerable and to prevent large corporations from creating an unequal playing field because of wealth or privilege. The list of markets which are regulated are numerous. To find more information about the various regulators you may want to visit:
https://en.wikipedia.org/wiki/List_of_regulators_in_the_United_Kingdom
Sometimes you may have to follow the rules issued by many different regulators for example, if your organisation trades within the UK Financial Services industry, you will definitely have to follow the guidelines of many regulators. In comparison with the US, the UK Financial Services system is relatively streamlined, but banks must still satisfy the requirements of the Bank of England, the Financial Conduct Authority, the Competition and Markets Authority, the Payment Systems Regulator, and the Open Banking Implementation Entity. They are not always easy to reconcile as each regulator often overlaps their rules.
If you belong to a professional association or body, they may also issue you with a list of guidelines and business standards which you will have to demonstrate that you are following from time to time in order retain your membership. If the body you belong to is respected and well known within your industry, you may be enjoying an enhanced flow of business because of your membership. Good governance, risk, control and compliance checks will give you comfort that you are following the rules and what is more, you can demonstrate that too, if you were asked to.