The House of Lords Industry and Regulators Committee has announced that its next inquiry will focus on the relationship between regulators and the government, and how regulators are held accountable.

Its inquiry is scheduled to start tomorrow (24 October) with a hearing from the National Audit Office and two former chairs of regulators, and is expected to run until Christmas.

The committee has urged anyone with expertise in or experience of the matters under consideration in its inquiry to submit written evidence.

The inquiry will focus on several areas of interest, including the role and remits of regulators, and the balance between those responsibilities of regulators and those of the government.

It will also look at the guidance given by the government to regulators, the independence of regulators and the co-operation between different regulators.

Parliament’s role in scrutinising regulators will also be assessed by the committee, as well as the scrutiny, accountability and transparency of regulators, and their skills and expertise.

The effectiveness of regulators, performance metrics and international comparators will also be queried by the committee.

“The committee has recently conducted scrutiny of regulators including Ofwat, Ofgem, The Pension Regulator, Financial Conduct Authority, Prudential Regulation Authority, and the Office for Students,” commented Industry and Regulators Committee chair, Lord Hollick.

“A common area of concern arising from all these inquiries is the relationship between the regulator and the government, and the level of independence and accountability regulators have.

“Many regulators are public bodies funded by the taxpayer and have significant powers; it is therefore vital that they are scrutinised and held to account.

“This short, cross-cutting inquiry will shine a light on the UK regulatory ecosystem and how effective it is.”

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