Accountability of regulators Regulator engagement with HM Treasury, external stakeholders, and Parliament Engagement with stakeholders Regulators’ cost-benefit analysis process Requirement for the regulators to publish a statement of policy for their approach to cost-benefit analysis (CBA)
The Act seeks to provide transparency of the regulators’ CBA processes going forward and support robust regulatory policymaking by introducing a requirement for the regulators to publish a statement of policy detailing their approach to CBA. A clear and publicly available description of the regulators’ CBA processes will provide further assurance to stakeholders that the regulators are seeking to understand the effect of their regulatory policymaking. This will also support stakeholders in considering effectively whether the regulators’ CBA assessments are accurate.