For most risks, the RR(FS)O is proving adequate, even with it's cumbersome enforcement procedures.
I really do think the Govt missed a trick by failing to adopt fixed penalty notices for the less serious/minor 'offences'. But to be fair, they did approach both FBU and CFOA with a proposal of FPNs, but they were against the idea so HM Govt dropped it.
It does seem odd that I can get a FPN for dropping litter, allowing my dog to mess the pavement, park on a yellow line, and even (where I live) by placing an unlicensed an 'A' board advert outside my business!. Meanwhile, FS IOs have to jump through several perilous hoops (evidence gathering & PACE etc) before any prosecution is possible for a serious H&S offence - it's mad!
However my main gripes are sleeping risks where the lower level of 'supervision' by enforcing authorities (compared to the FPA) will inevitabally lead to a reduction in standards. Add this to the new inspection, sorry, audit frequencies and I reckon we'll see a few more Newquays in the next few years