Accountability of regulators Regulator engagement with HM Treasury, external stakeholders, and Parliament Engagement with stakeholders Strengthening the role of statutory panels Treasury power to require annual reports by statutory panels
There has been significant interest in increasing the visibility of the work of the statutory panels. The panels already produce annual reports on their work on a voluntary basis, but given the important role the panels play as a "critical friend" to the regulators, it is important that these reports continue to be produced and are available to Parliament to support their scrutiny of the regulators.
	Section 47 therefore provides a power for HM Treasury, by regulations, to require the panels to produce annual reports; and to make provision about the content of the reports. HM Treasury will then be required to lay these reports in Parliament. HM Treasury is not able to require the panel to report on issues outside of their work.
	In the first instance, HM Treasury intends to exercise the power to require the FCA’s Consumer Panel and the new Cost Benefit Analysis panels for the FCA and the PRA to produce annual reports.