The Independent Press Standards Organisation (IPSO) is an optional press regulatory body that has replaced the Press Complaints Commission (PPC).
IPSO, which launched on September 8th 2014, is the resulting regulatory body following the phone hacking scandal and the Leveson Inquiry.
If a newspaper has received a complaint about something they have published from a member of the public, unlike the PCC, IPSO gives the publication a 7-day window in order to rectify their mistake. If the publication fails to respond to the complaint, IPSO then starts an investigation.
IPSO can give advice to publications and have full control over how and what they publish in an apology or correction. The PCC did not have such power.
I feel this is a more thorough and effective way to handle complaints against the press, as it gives the publications a chance to deal with the problem and publish an apology before an investigation, that sometimes can be pointless, is begun.
However, due to differing opinions on how the British press should be regulated, only 90% of newspapers and magazines have signed up to IPSO. Publications that have opted out of joining IPSO are: The Guardian, Financial Times and The Independent.
These newspapers have doubts and/or differing opinions on how the press should be regulated, and thus are opting to be self-regulated until IPSO works out its kinks.
A Royal Charter, a proposition that publications should be regulated by the Government, is opposed by editors and journalists, as this would counteract the premise of a “free press”.