Member

The Government therefore welcome and encourage engagement between the regulators and the parliamentary committees. We also welcome the commitment from the FCA and the PRA to provide Parliament with further information and other assistance that is needed for it to fulfil its role. This includes more written updates, additional context in the PRA’s annual reports and in-person sessions—for which I welcome the PRA’s offer of external members of the Prudential Regulation Committee also appearing before committees on a more regular basis. The noble Baroness, Lady Noakes, is keen that her committee has the ability to scrutinise the PRA and FCA before regulation is finalised. That is a very proper objective. I enjoyed hosting the FCA’s recent drop-in session on measures in the Bill that relate to it. That was a great example of live scrutiny and of gaps being found in action. However, I urge the committee and the regulators to work together to agree a sensible model for ongoing scrutiny and engagement. I therefore respectfully ask the noble Baroness not to press her amendment.