The House of Lords Industry and Regulators Committee has recently published a 76-page report detailing the need for accountability of independent regulators in the United Kingdom post-Brexit. The report, titled ‘Who watches the watchdogs?’, highlights the increased pressure on regulators due to expanded responsibilities in the aftermath of the Brexit developments.
Given that regulators operate independently from the government, this surge in demand has put an additional strain on their resources and clouded their accountability. The report, therefore, offers strategic guidance aimed at reinforcing this much-needed accountability while preserving the independence of these regulators.
Quoting a Member of Parliament, John Penrose, the report underscores the importance of delivering a strategic direction as it could formalize government intervention, rendering it infrequent, straightforward, and transparent. The prominent challenge, however, is to optimize the interplay between maintaining the independence of the regulators and meeting their accountability.
Besides, the issue of accountability is further complicated by the substantial powers these regulators exercise on behalf of the Parliament and the public, albeit without being subjected to the same forms of accountability as ministers. The report also contemplates the idea of seeking assistance from bodies such as the National Audit Office and the National Infrastructure Commission to scrutinise the role of regulators , but warns that this could overextend their resources and blur their roles.
In conclusion, the report recommends the establishment of an independent statutory body referred to as the ‘Office for Regulatory Performance’. The primary role of this new body would be to assist Parliament in holding the regulators accountable systematically, hence, bridging the gap in regulatory accountability. A comprehensive coverage of this report can be found on JURIST – News.