House of Lords to set up committee to scrutinise financial regulators - reports

Increased post-Brexit powers

The House of Lords is creating a committee to supervise financial regulators, amid concerns about accountability after they were granted greater powers post-Brexit.

According to a report by the Financial Times, the committee will include Tory peers Lord Michael Forsyth, Lord Jonathan Hill, Lord Peter Lilley and Baroness Sheula Noakes. Forsyth told the FT there has been "unanimity" in the House of Lords about the need to improve accountability of regulators to parliament. He added there were several peers with the relevant "experience and expertise" who could help drive this. UK financial watchdogs, the Financial Conduct Authority and Prudential Regulation Authority, are already subject to questioning by the House of Commons' Treasury Select Commi...