Member

Amendment 68 proposes that both the Bank of England and the FCA set up an office of regulatory evaluation, which would be independent within their organisations and tasked with reviewing and reporting on the full range of their regulatory actions. This could produce much wider-ranging work than parliamentary committees can and, if it were done well, would very much enhance the way in which parliamentary accountability works. Offices of regulatory evaluation exist in many international regulatory bodies; the Bank of England also set one up about a decade ago, although it did relatively little and is now being disbanded.