Treasury Committee introduces Sub-Committee for financial services regulation

The Treasury Committee has launched a new Sub-Committee to scrutinise regulatory proposals for the financial services sector.

In a new report detailing its approach, the Committee outlined that new forms of scrutiny will be required, with the number of regulatory initiatives likely to grow as regulators assume additional responsibilities resulting the UK’s exit from the EU.

The Sub-Committee on financial services regulations is to take the lead on scrutiny of financial regulatory proposals and will have powers to “send for persons, papers and records” and agree reports.

As part of the changes, a new Financial Services Scrutiny Unit is being formed, which will include financial specialists, staff members of the Treasury Committee, and a legal adviser from the Office of Speaker’s Counsel. Specialist advisers will also be appointed to provide the Sub-Committee with detailed and expert knowledge.

The Sub-Committee will be chaired by MP and Chair of the Treasury Committee, Mel Stride, and will initially consist of all the Treasury Committee members.

Commenting on the announcement, Stride said: “Following the UK’s exit from the EU, our regulators have assumed significant new responsibilities. Those will require scrutiny, and Parliament has an opportunity to put in place a process which is less bureaucratic and significantly more nimble than was previously the case in the European Union.

“The Treasury Committee is well placed to conduct this scrutiny. We often consider new regulatory proposals and, given our responsibility to scrutinise the Treasury and its associated regulators, we can take a holistic view of regulatory change.

“Our approach will be targeted and flexible, with the new Sub-Committee devoted to the scrutiny of financial regulations and underpinned by a new and well-resourced unit of experts and specialists.”

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