Select committee: Treasury Committee
Recommendation 18
Fifth Report - The Future Framework for Regulation of Financial Services
Published 6 Jul 2021
Paragraph 91
Addressed to HM Treasury
Treasury Committee Future of Financial Services All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Recommendation (the committee's words)
The House could, if it thought it necessary to increase the capacity and broaden the expertise of the Treasury Committee in order to undertake scrutiny of financial services, expand the facility under Standing Order No 137A(1)(e) for non-members of the Committee to take part in certain proceedings. This provision currently enables only members of other committees to participate, but it could be adapted so as to permit the Committee to invite any Member of the House to do so.
From: Treasury Committee, Fifth Report - The Future Framework for Regulation of Financial Services (HC 147), paragraph 91, 6 July 2021
Government response
The government responded to the whole report on 20 September 2021 (deadline 6 September 2021).
Summary written by Accountability Index from the government's response. It is not the government's own words.The government says it is considering the Committee's recommendations alongside the consultation responses and does not intend to respond to each in detail, as that "would pre-judge" a second consultation due in the autumn.
- The government "agrees with the Committee that the independence of the regulators is vital" and is "committed to preserving the regulators' operational independence".
- On moving on-shored EU law into regulators' rulebooks, it "notes" the Committee's view and says its proposed approach is that independent regulators set direct requirements within a policy framework set by government and Parliament.
- It "welcome[s]" the Committee's recommendation of a "targeted approach" to Select Committee scrutiny, and "notes" the Committee's conclusion on a new committee or body, saying structure of scrutiny is "rightly a matter for Parliament".
- It commits to bring forward "detailed proposals in a second consultation in the autumn".