Source · Select Committees · Treasury Committee
Recommendation 4
4
Paragraph: 37
The Treasury has in the past been able to delay policies in the interests of...
Conclusion
The Treasury has in the past been able to delay policies in the interests of the wider negotiations that took place during the UK’s departure from the EU. This suggests that there is already sufficient and appropriate Treasury oversight of the regulators’ policy proposals without needing to put such a power in law.
Paragraph Reference:
37
Government Response
Acknowledged
HM Government
Acknowledged
The Committee raises concerns that the proposals put forward by the Government, allowing for earlier feedback from the Treasury during the policy formation process, will damage the perception of regulatory independence, even if they do not in practice. We think that independent regulation is important to maintaining robust, fair standards and, where this is appropriate, maintaining a consistent approach for firms, markets and consumers. As the Committee highlights, the importance of regulatory independence is also recognised internationally. It is important to strike an appropriate balance between ensuring we work effectively with Treasury to secure a cohesive approach, ensuring we are accountable and protecting regulatory independence. We already have very regular engagement with the Treasury through the legal gateway, and we are committed to ensuring that engagement is as effective as possible.