The group overseeing the proposed introduction of a new regulatory body for the press which is independent of politicians is reporting “very significant progress.”

Representatives of regional and national newspaper publishers are seeking to establish a new Independent Press Standards Organisation (IPSO) as an alternative to the governmment’s proposed regulator.

Following a meeting earlier this week, it says the new body should be up and running later this month or next with the new system up and running early in the New Year.

A statement issued by implementation group chairmam Paul Vickers said:  “Very significant progress has been made. A number of suggestions, both from publishers and from other parties, have been incorporated and the four key documents will shortly be ready for a final consultation across the newspaper and magazine industry.

“Work is also well under way on the financing arrangements for IPSO, and the Foundation Group under the Chairmanship of Lord Phillips of Worth Matravers is undertaking the task of selecting an independent Appointments Panel to appoint the first Board.

“We hope that we will therefore be in a position to begin signing contracts that will establish IPSO during late September and October, with a view to implementation of the new regulatory system, fully compliant with the Leveson principles, in the early part of the New Year.”