Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the implications for his policies of the establishment of the Financial Regulator Assessment Authority in Australia following the Royal Commission on Misconduct in Banking, Superannuation and Financial Services Industry; and if he will make an assessment of the potential impact of establishing a similar consumer oversight body in the UK on accountability of the Financial Conduct Authority.

The government launched the Future Regulatory Framework (FRF) Review to ensure that the UK maintains a coherent, agile and internationally-respected approach to financial services regulation following the UK’s exit from the European Union. Consultations were published in October 2020 and November 2021, which both received over 100 responses.

The Financial Services and Markets Bill delivers the outcomes of the FRF Review, and repeals hundreds of pieces of retained EU law relating to financial services, which will give the regulators significant new rulemaking responsibilities.

The government has been clear that more responsibility for the regulators should be balanced with clear accountability, appropriate democratic input, and transparent oversight.

As a result, the Bill includes a package of measures to increase the accountability of the regulators to Parliament and HM Treasury, and enhance their engagement with stakeholders including consumer groups.