This paper presents our findings on the impact the 2014 price review (PR14) had on the sector during the 2015-20 period. We have undertaken a targeted review of PR14 and as such, we have not assessed every element or policy as part of this review. This review complements our 'Reflections on the price review', which we published shortly after PR14 final determinations and which set out sector views on the PR14 process. We published 'PR14 Review: Discussion paper on findings' on 11 August 2021, and invited comments from across the sector. We received six responses in total, and have considered the points raised in each of these. Our views on each of these points are reflected throughout this report in the relevant sections. We are grateful to all parties that provided input for this review.