The House of Lords Industry and Regulators Committee is to conduct an inquiry examining the relationship between market regulators and government and exploring their effectiveness and the level to which they are held accountable.

Lord Hollick, chair of the Industry and Regulators Committee, said: “The Committee has recently conducted scrutiny of regulators including Ofwat, Ofgem, The Pension Regulator, Financial Conduct Authority, Prudential Regulation Authority, and the Office for Students.

“A common area of concern arising from all these inquiries is the relationship between the regulator and the Government, and the level of independence and accountability regulators have. Many regulators are public bodies funded by the taxpayer and have significant powers; it is therefore vital that they are scrutinised and held to account.

“This short, cross-cutting inquiry will shine a light on the UK regulatory ecosystem and how effective it is.”

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