Member

We discussed in Committee the importance of the FSMA model. Parliament has enshrined the principle of regulatory independence into primary legislation through the Financial Services and Markets Act 2000. The Government continue to believe that this is the model that best serves the UK’s long-term interests. However, I recognise the challenges that noble Lords have raised, especially the challenge that, as new activities become regulated, the breadth of delegation grows. The responsibility of our regulators has continued to grow over time. It is appropriate that parliamentary accountability mechanisms are kept under review to ensure that they are in step with the work of the regulators.