Threads / Financial Services Regulatory Reform / We have set out above reasons why we do not believe that Pa…
Committee Material Published 6 Jul 2021 ↗ View on Parliament

We have set out above reasons why we do not believe that Parliament or its committees need necessarily carry out detailed and comprehensive textual scrutiny for every new draft regulation or rule, although it would always be open to a committee of either House to do so. We envisage that scrutiny would be both “ex-ante” and “ex post”. “Ex-ante” scrutiny could be based upon expert analysis of draft texts, together with an exploration of representations made by industry stakeholders, consumer re...

We have set out above reasons why we do not believe that Parliament or its committees need necessarily carry out detailed and comprehensive textual scrutiny for every new draft regulation or rule, although it would always be open to a committee of either House to do so. We envisage that scrutiny would be both “ex-ante” and “ex post”. “Ex-ante” scrutiny could be based upon expert analysis of draft texts, together with an exploration of representations made by industry stakeholders, consumer representatives and others, with robust challenge to the regulators when warranted. “Ex post” scrutiny might entail reviews of the impact of regulations an Type: conclusion | Number: 14 | Paragraph: 85 | Response status: under_consideration Government response: Third, I welcome the Committee’s recommendation that a ‘targeted approach’ to scrutiny by Select Committees is the appropriate model for Parliamentary scrutiny of regulator activity, whereby the Committee should scrutinise the activities of