Gerrard's comments follow the submission of evidence by international law firm DLA to the House Of Lords Constitution Committee's inquiry into the accountability of regulators. He said: “Senior appointments to regulators who have criminal powers should be approved by the House of Commons. This would be a radical step, but one that would bring us in line with global best practice.”
DLA is calling for departmental select committees to be given statutory powers to call senior regulators to give oral evidence to the committee. Departmental select committees should also confirm the appointment of senior regulators. In addition, there should be an annual debate on the floor of the House of Commons on the regulators' performance.
Neil Gerrard added: “Regulators' actions must be transparent. The actions of regulatory bodies materially affect the fortunes of business - and they should answer to the public through Parliament.”
