The UK Parliament is to set up a sub-committee to scrutinise regulatory proposals for financial services post-Brexit, a task previously undertaken by the EU.
In a statement, the Treasury Committee said new forms of oversight will be required as the number of regulatory proposals is likely to grow as regulators assume additional responsibilities following Britain’s exit from the EU.
It said the Sub-Committee on Financial Services Regulations will have powers to “send for persons, papers and records” and agree reports.
The Sub-Committee will be chaired by MP Mel Stride and will, initially, include all the members of the Treasury Committee.
“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,” Stride commented.
The Treasury Committee also said a new Financial Services Scrutiny Unit is being formed, comprising financial specialists, staff members of the Treasury Committee, and a legal adviser from the Office of Speaker’s Counsel, which will advise the sub-committee on the potential impact, fitness and level of appropriate scrutiny for each proposal.