City of London law firms RPC and Bates Wells Braithwaite have worked together to create the new system of press regulation under the Independent Press Standards Organisation (IPSO), the new independent organisation being established to regulate the UK's newspapers and magazines.
The firms have set up a regulatory system to meet the key criteria for an independent press regulator required by the Leveson Report, which was set up to examine press standards in the British press following a phone-hacking scandal.
IPSO is supported by more than 90 per of national newspapers and the vast majority of the regional press. The organisation is expected to be fully operational by May 2014.
RPC’s team drafted IPSO’s contract and regulations, which define how the body will operate, including how it will handle complaints from the public, ensure compliance, and provide for establishment of an arbitration service.
Bates Wells Braithwaite drafted the corporate framework for IPSO and the separate regulatory funding body and advised on tax.
Sanjay Pritam, Commercial Partner at RPC, comments: “We are extremely proud of having played such a critical part in helping the press to implement their own tough new system of regulation following the Leveson Inquiry. RPC’s media team was involved in the Leveson Inquiry from the very beginning.’
IPSO will be a robust and independent organisation which will balance protection of free speech with improved governance of the industry. Philip Kirkpatrick, Deputy Managing Partner at Bates Wells Braithwaite comments: “Establishing IPSO as a community interest company sends a clear message about the purpose of the new regulator: it is established by the press but it is for the public benefit.”
Those involved with establishing IPSO say the new body will provide seven key benefits to the public and media industry:
• tough sanctions
• upfront corrections
• investigative powers
• genuine independence
• no cost to the public
• support of the newspaper and magazine industry
• safeguarding of free speech
RPC’s team was led by Partners Geraldine Elliott and Sanjay Pritam. The Bates Wells Braithwaite team was led by the firm’s Deputy Managing Partner, Philip Kirkpatrick.
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