MPs to scrutinise new regulator

A new scrutiny committee is demanding written evidence on how the Government’s suggested changes to the new regulator will prevent another financial crisis.

A new scrutiny committee is calling for written evidence on how well the Government’s suggested changes to the regulatory structure will prevent or deal with another financial crisis.

The Government set out their intentions in June this year with the publication of its draft Financial Services Bill which detailed their proposed split of the FSA into two authorities, the Prudential Regulations Authority and the Financial Conduct Authority, along with the setting up of the Financial Policy Committee.

The new committee will dissect every detail of the draft bill during 12 weeks of intense pre-legislative scrutiny.  The Committee is expected to report its findings by December 1st.

Overall the committee seeks to establish:

  • Will the Government’s financial regulation proposals improve the framework for financial stability in the UK?  Importantly will they work effectively in a crisis?
  • Do the Government’s proposals get the balance right between tackling the problems of the last crisis and preparing the UK financial system for the next one?
  • What costs will the regulatory structure place on the consumer?

The committee has also called for evidence around  the accountability of the Bank of England, FPC, PRA and the FCA, with a focus on protecting and enhancing consumer confidence in the UK’s financial system.

The committee will also seek to establish whether there are any risks in the proposed judgement–based regulation and whether the regulators will have staff with the appropriate skill and expertise.

Conservative peer and committee member Baroness Wheatcroft says: “We want to make sure it is a regulatory regime that is effective and efficient.”

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