Member

I also take the view that we cannot simply think of the regulators as a check on a Treasury that has become overly optimistic or in any way naive; it certainly was naive for many years during an era of light-touch regulation. We cannot rely on regulators to act as a check on any questionable equivalence decisions, because they, too, are now shifting their stand in so many areas—again, motivated by the competition and growth objective. Again, the issue of transparency becomes crucial, in my eyes. Will the regulators’ advice to the Treasury become public anyway? Will it be notified to Parliament? If so, in what detail and on what kind of timetable? Will it be in a timely manner?