Accountability of regulators Regulator engagement with HM Treasury, external stakeholders, and Parliament Accountability to Parliament Requirement for the regulators to notify the relevant select committees when they publish a consultation
The Act requires the regulators to notify the relevant select committees when they publish a consultation. The measure aims to ensure that the relevant select committees have access to the information needed to best scrutinise the work of the regulators. This is intended to support more effective accountability and scrutiny of the regulators by Parliament.
	The relevant select committees are the Treasury Select Committee, a committee of the House of Lords that has been charged with responsibility for being notified by the regulator when a relevant consultation is issued, and any joint committee that has also been charged with this responsibility.
	The obligation to notify the relevant select committees will apply when the regulators consult publicly on proposed rules (or, in the case of the PSR, generally applicable requirements that they impose on regulated entities); when the regulators publish proposals about how they exercise any of their general regulatory functions; or if the regulators publish proposals under a duty imposed by legislation.
	This measure includes a requirement for the regulator to draw the relevant select committees’ attention to the section of its consultation dealing with how the proposals advance its objectives. The regulator will also need to draw attention to the section of their consultation which deals with how they have had regard to their regulatory principles and any other relevant considerations that the regulators must have regard to, including in the recommendation letters from HM Treasury.