Sir Robert Buckland has welcomed the formation of a new House of Lords committee that will complement the House of Commons Treasury select committee when it comes to making UK financial regulators more accountable, but he believes a broader scope is necessary.
The Conservative MP for South Swindon, who became chair of the Regulatory Reform Group in December 2023, was reacting after the Financial Times reported that a new Lords body would be launched amid growing accountability concerns.
The worries relate to the additional, post-Brexit powers bestowed upon the Financial Conduct Authority and Prudential Regulation Authority.
Late last year, it was recommended that a new, freestanding sessional committee be established by the House of Lords – instead of a joint committee with the House of Commons, which is already “doing good work” on financial services regulation – to scrutinise both financial services regulatory consultations and financial services regulation in general.
At the time, it was noted that the Houses’ separate work on the matter should be complementary and not duplicative.
Commenting on the development, Buckland said in an emailed statement: “The Regulatory Reform Group has long argued for the need for greater accountability of our regulators to Parliament, and as such welcomes this committee in the House of Lords.
“However, the lack of accountability is not unique to financial services but rather a systemic issue, which means we must go further and establish a more thorough, cross-House committee dedicated to the scrutiny of our misfiring regulatory system.”
Meanwhile, it was reported that the committee roster is expected to be approved before the end of January.
What do you think about this story? Share your thoughts in the comments below.
