Member

In their letters to me, which have been shared with interested Members and laid in the Library, both the regulators set out details of their approach to delivering proportionality. They also commit to ongoing engagement with the parliamentary committees on their approach, and I am deeply grateful to the noble Baroness, Lady Noakes, for saying that, as chair of the committee, she will take up this challenge. I also particularly recognise the generous offer made by my noble friend Lord Stockwood to use his expertise in artificial intelligence to support the noble Baroness, Lady Noakes, and the Financial Services Regulation Committee and the Treasury Select Committee in their work to scrutinise the work of the regulators. It feels to me like an offer made in the spirit of consensus and team working about what it is that we would like to do here. The Government are grateful to noble Lords for the careful attention they paid to this matter and are confident that these amendments will support effective scrutiny and target regulator reporting more meaningfully at the issues Parliament cares most about.