Accountability of regulators Regulator engagement with HM Treasury, external stakeholders, and Parliament Regulators’ relationship with HM Treasury Regulators’ review of their rules
It is important to review policy interventions after implementation to ensure they remain appropriate and have had the desired effect. This can range from monitoring to wider evaluation of the impact of a rule after a certain period.
	There is currently no formal requirement for the regulators to conduct reviews of their existing rules. The Act introduces a requirement for the regulators to keep their rules under review. The government expects this would cover all approaches to assessing the effect of rules, from monitoring to wider evaluation.
	This requirement to keep rules under review is intended to provide for more effective regulation by ensuring there is a legislative duty for the regulators to review their rules. In addition, more systematic reviews should improve regulation, as potentially outdated rules will be removed or revised more consistently.
	Alongside this requirement, the Act requires the regulators to publish a statement of policy for how they conduct rule reviews. The requirement for the regulators to publish a statement of policy is to provide clarity and transparency for stakeholders on how and when rules are reviewed. This should allow stakeholders to be confident that reviews are happening in a consistent manner, increasing confidence in regulation.
	The statement of policy must provide information about how stakeholders, including the regulators’ statutory panels, can make representations to the regulator to review its rules. The statement of policy must also set out how these representations will be considered by the regulators.
	The government expects that the statements of policy would, additionally, cover at least the following aspects of review:
The different methods of reviews regulators may conduct, including any differences in purpose and scope between them.
The process for determining the methods of review to be applied.
The process for determining the timing of different methods of review.