Five files we can describe

We have worked on 112 files between 2019 and 2026, across 9 sector regulators. Most of them stay closed. These five we can describe without breaking a confidence. Where a client asked for a detail to be changed, we changed it. We changed nothing that alters the reasoning.

Start with the energy file
A card index drawer pulled open in a metal filing cabinet
A switchyard at a substation, gantries and insulators against a flat sky
Energy and utilities

Reopened by the regulator.

The regulator wanted the reasoning, not the result

A network operator set a tariff on evidence that was still moving, and the regulator reopened the file nineteen months later.

Read the file
A hospital corridor with empty waiting chairs and glazed doors at the end
Health systems

Closed, then checked against the evaluation.

The evidence arrived after the vote

A hospital network had to commit to imaging equipment months before the clinical evaluation of one system reported.

Read the file
Rows of printed figures on a ledger sheet, seen at an angle
Financial services

Reopened at the exit review.

Two committees, one decision

A bank’s risk and strategy committees read the same data and reached opposite conclusions the board could not choose between.

Read the file
Columns along the facade of a public building
Public infrastructure

Rebuilt from the archive.

A decision nobody could reconstruct

A water utility inherited an eleven year investment programme, four hundred slides, and no record of the alternatives.

Read the file
Bundles of papers tied shut with cloth ties, stacked on shelves
Financial services

Closed at eight pages.

The board that asked for less

An insurer’s board capped every decision paper at eight pages, and the limit changed the analysis, not the formatting.

Read the file

Case files

Nothing we can describe in this sector yet

Most of our work stays closed, and this filter has landed inside it. The gap is in what we can say, not in what we have done. Write to us and we will tell you what we can about your sector.

Ask about work in your sector

The record

Each case is written the way we write the work itself

Four parts

01

The question

02

The alternatives

03

The evidence

04

The limits

“I did not get the decision I argued for. I got my argument recorded properly, which is what the board needed from me.”

Two committees, one decision

Financial services

Chair of the risk committee, mid-sized bank

Read the file

Case files

Ask which of these is closest to your file.

The gap is in what we can say, not in what we have done.

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