Parliament is unable to scrutinise the decisions and actions taken by the regulator in response to a variety of issues.
Our current system compares extremely unfavourably, for example, with the US, where policymakers have well-staffed committees and forums to provide forensic oversight for their regulatory system.
It is for this reason that we strongly believe that a sub-committee should be introduced to properly oversee our regulators in parliament and provide space and adequate staffing to fully interrogate their day-to-day activities.
Our regulatory system is in the process of being overhauled, and this should be exciting to many people reading this column.
But, as we look to consider how we can better make rules that work for UK domiciled firms, it is right that we also look at whether or not other systems that we have always had control over could be ripe for renewal or change.
As the bill continues to make its way through parliament, I fervently hope that we will see an opportunity to consider how our industry can work in tandem with the FCA to build a regulatory system fit for purpose and fit for the future.
Liz Field is chief executive of PIMFA
