Member

The amendment would also require the regulator to include a statement of its finances for that year. This provision is very significant because it would force the regulator to be completely transparent about its financial situation. That is especially important during the initial period, as the Bill envisages it, when the functions of the regulator will be funded by the taxpayer. Any public body that is receiving public funds from the Exchequer must surely be required to publish its accounts so that Parliament and the taxpayer know how their money is being spent and can scrutinise this. That will be just as important once the levy system is up and running and it is the regulated clubs that are the funders of the regulator’s activities; I am sure they will equally want to keep a close eye on how their money is spent.