WITH David Cameron making it clear that newspapers will have to overhaul the systems that currently regulate the press if they want to ward off legislation, the industry is now scrambling to put forward a new system.
All the major newspaper groups, including those outside of current body the Press Complaints Commission (PCC), have backed proposals put forward by current PCC chair Lord Hunt, which were criticised by Lord Justice Leveson yesterday.
The plan proposes a system of self-regulation “with teeth”, which would establish a revamped industry body with the power to impose substantial fines on newspapers, and give members of the public a platform to seek compensation.
Under the terms of the plan, publishers would sign commercial contracts with a new regulatory body.
The body would then have the power to investigate, enforce and sanction newspapers for breaking the terms of the contract.
Douglas McCabe, a media analyst at Enders Analysis, told City A.M.: “I don’t doubt there are already people working on a new plan.”