The creation of a new independent body to assess whether regulators were fulfilling their statutory objectives would not remove the responsibility of this Committee to hold the regulators to account, and it would also add a further body to the financial services regulatory regime which we would need to scrutinise.

The creation of a new independent body to assess whether regulators were fulfilling their statutory objectives would not remove the responsibility of this Committee to hold the regulators to account, and it would also add a further body to the financial services regulatory regime which we would need to scrutinise. Type: conclusion | Number: 16 | Paragraph: 87 | Response status: under_consideration Government response: Finally, while I note the Committee’s conclusion that they do not see a clear need for the creation of a new committee or a new independent body, I would also like to reiterate that it is rightly a matter for Parliament to consider the appropriate structure for its scrutiny.