Improving the Performance of the UK's Economic and Financial Regulators

Quangos are increasingly powerful. But the accountability of many is increasingly patchy. The scale of the quango-related work now expected of parliamentary committees, along with other distractions, has left far too many important decisions under-scrutinised and remote from those most affected: the electorate and the consumer. The result is a decline in public trust, and a deterioration in performance of some of the quangos themselves. 

The Rt Hon Lord Andrew Tyrie proposes a new specialist body, the Parliamentary Regulatory Oversight Panel (or PROP), which would give Parliament the tools and expertise that its already hard-pressed select committees require for more effective oversight. 

The body would be staffed and led by full-time subject matter experts – those who had, or could develop, a deep understanding and experience of regulatory practice and decision-making. It would initially focus on the Bank of England, working under the auspices of the Treasury Select Committee, but could and should be expanded to include other regulators once it proved its worth. 

Lord Tyrie argues that this would substantially increase the quality of scrutiny of these vitally important organisations, and at comparatively low cost.

Students and transferring lawyers need to attend the whole event including the reception in order to claim a Qualifying Session. 

This event is for members only.

Click here to see details of the QS Requirements and how to be credited with the QS for this session

Learning Aims:

After this session, students should be able to:

• Define the role of Quangos.
• Explain the proposed role of the Parliamentary Regulatory Oversight Panel
• Examine how the Parliamentary Regulatory Oversight Panel would increase the quality of scrutiny of Quangos.

Links to the Professional Statement, wider workings of the Bar, administration of justice or a public interest matter

• This QS links to the administration of justice. This session intends to help students understand the roles of Quangos and how they can be more effectively regulated.

Click here to view the BSB's Professional Statement

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