On 23 June 2022, the House of Commons’ Treasury Committee published a report on future parliamentary scrutiny of financial services regulations. The report provides that the Treasury Committee believes that the full impact of Brexit on the flow and volume of regulatory proposals in financial services is yet to be seen. However, the transfer of responsibility for regulatory proposals from the EU to the UK regulators requires a significant new effort in scrutiny by Parliament. The Committee proposes to establish a new sub-committee which would take the lead on scrutiny of regulatory proposals.
The sub-committee would have the power to “send for persons, papers and records” and could seek written evidence and take oral evidence; and it could agree reports, which would then be reported to the full Committee which would consider them in turn. The sub-committee will take a view on what form of scrutiny is appropriate for each regulatory proposal, and will normally be the forum for oral evidence when that is merited. Initially all members of the Treasury Committee will be appointed to the sub-committee.