House of Lords to set up committee to scrutinise financial regulators - reports

investmentweek.co.uk:

UK financial watchdogs, the Financial Conduct Authority and Prudential Regulation Authority, are already subject to questioning by the House of Commons’ Treasury Select Committee.

According to a report by the Financial Times, the committee will include Tory peers Lord Michael Forsyth, Lord Jonathan Hill, Lord Peter Lilley and Baroness Sheula Noakes.

Forsyth told theFT there has been «unanimity» in the House of Lords about the need to improve accountability of regulators to parliament. He added there were several peers with the relevant «experience and expertise» who could help drive this.

UK financial watchdogs, the Financial Conduct Authority and Prudential Regulation Authority, are already subject to questioning by the House of Commons' Treasury Select Committee which, in 2022, launched a dedicated sub-committee on financial regulation.

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The sub-committee has already been focusing on the extra powers granted to them post-Brexit, to facilitate greater accountability as a result.

Some of these powers included setting the UK's financial rules following Brexit, in a bid to move away from the EU rulebook and creating their own, as well as the promotion of growth and international competitiveness.

Additionally, the Financial Services and Markets Act 2023 set out measures to make the FCA and PRA more accountable via the publication of reports outlining their progress against targets and what new objectives they would be working on over the coming years.

In December 2023, the government published a list of performance metrics which the FCA and PRA will be required to publish, following a consultation with industry and relevant stakeholders.

Howev