(1 month ago)
Lords ChamberMy Lords, building on what was just said—this comment is not particularly for the Government but is perhaps a reflection for both Houses—as this will be a completely new regulator, there should potentially be a committee of both Houses, unusual though it may be, with representatives from both sides. It might be quite useful for a committee to be set up to look at this regulator, not least because of all the issues we have been discussing, as it is something completely new.
I am grateful to the noble Baroness for giving way. The Industry and Regulators Committee, with outside organisations such as the Institute for Government and others, has looked at what might be appropriate going forward. There is a real concern that we do not have a drumbeat of accountability for all regulators, so some new mechanism might be appropriate, potentially even in the way that the noble Baroness suggests.