House of Lords opens inquiry into UK regulators

The House of Lords Industry and Regulators Committee has announced details for its inquiry into UK regulators.

The committee's inaugural session, scheduled for October 24, will feature insights from the National Audit Office and two former Chairs of regulators, Lord Andrew Tyrie and Charles Randell CBE.

The hearing will be accessible for live viewing on Parliament TV, or individuals may also attend in person at Committee Room 3, Palace of Westminster.

Giving evidence at 10:30am will be National Audit office comptroller and auditor general Gareth Davies and senior audit manager Richard Sullivan-Jones. At 11:30, Lord Tyrie, former chair for the Competition and Markets Authority (CMA) and Slaughter and May senior consultant Charles Randell CBE will take over to present evidence.

The committee will address a range of questions for regulators, including:

• Are the duties and objectives assigned to regulators adequately defined and clear?
• To what extent are regulators expected to address political and distributional decisions?
• What does independence mean in the context of regulators?
• How effectively do regulators engage in cooperative efforts with one another?
• How should regulators be held accountable for their performance?

The committee also announced that it is actively encouraging individuals and organisations with an interest in this subject to contribute their insights and evidence to the inquiry. The submission period is open until December 1.

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