Treasury select committee chairman Andrew Tyrie has called on industry to help shed light on how effective FSA cost benefit analyses are.
In a TSC session on the accountability of the the Financial Conduct Authority this morning, Tyrie said by providing information about regulatory costs industry can help the committee understand how they compare with those expected by the regulator.
His call came after Aviva operational and regulatory risk director Angus Eaton repeatedly called for transparency in the new regulatory set up. Eaton said it is vital in terms of the future regulator’s accountability and how it puts together new regulation.
Tyrie said: “You have argued for greater transparency in almost every answer you have given. Transparency for cost benefit analyses, of which regulatory cost obviously is an important part of the equation, is manifestly lacking and we need the industry to supply it to us .”
The FCA is set to replace the FSA at the beginning of 2013.