The House of Lords Industry and Regulators Committee will begin an inquiry into the relationship between regulators and the government, gaining insight into how regulators are held accountable.
The inquiry will look at the group of 90 regulators across the UK, focusing on those who are part of a public body or have a role established by parliament. The committee has issued a call for evidence to further investigate the state of affairs, which will be accepting submissions until 1 December.
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Some of the guidance questions for the inquiry include asking if regulators are given a clear job to do, if they are appropriately independent from the government, who should hold regulators accountable for their performance, and if government provides too much or too little guidance in decision-making for regulators.
Lord Hollick, chair of the Industry and Regulators Committee, said that it has already conducted inquiries for some regulators, including the water services regulation authority, the Office of Gas and Electricity Markets, The Pension Regulator, Financial Conduct Authority, Prudential Regulation Authority, and the Office for Students.
“A common area of concern arising from all these inquiries is the relationship between the regulator and the Government, and the level of independence and accountability regulators have,” Hollick said.
“Many regulators are public bodies funded by the taxpayer and have significant powers; it is therefore vital that they are scrutinised and held to account. This short, cross-cutting inquiry will shine a light on the UK regulatory ecosystem and how effective it is.”
