Office of Rail Regulation to monitor transparency of rolling stock information
Posted: 23 February 2010 | | No comments yet
The regulator will monitor new rules to ensure rolling stock leasing companies provide train operating companies with transparent information.
The regulator will monitor new rules to ensure rolling stock leasing companies provide train operating companies with transparent information.
From 22 February 2010, the Office of Rail Regulation (ORR) will monitor new rules to ensure rolling stock leasing companies (ROSCOs) provide train operating companies (TOCs) with transparent information.
Following an ORR referral in 2007, the Competition Commission (CC) investigated the market for the leasing of rolling stock for franchised passenger services and set out a series of measures aimed at improving competition last April. The CC’s Order requires rolling stock companies to be more open in their supply of information to TOCs during the leasing process, promoting choice and encouraging more informed negotiation.
Under the new rules ROSCOs will now be required to provide annual compliance statements to ORR.
The regulator will commission independent audits of ROSCO compliance, and could ultimately enforce the Order through the courts if necessary.
John Thomas, director railway markets and economics said: “We are committed to ensuring that markets functions as effectively and efficiently as possible.
“It is important that train operators have ready access to full information from rolling stock companies to help them get best value. Our monitoring of the Competition Commission’s transparency Order will ensure that this is happening.”
Guidance for ROSCOs and TOCs is available within the CC’s order.
