Accountability and transparency
As noted previously, a regulator that aspires to world class status needs a comprehensive set of measures by which it may be judged and measured and that reflect its objectives, duties and functions. The legislature, relevant departments, regulated businesses and the general public need to be able to not only assess the regulator’s efficiency in carrying out its mandate but also its effectiveness. The regulator also requires measures by which it can effectively assess itself in order to improve and meet the needs of evolving markets and expectations.
There are, as noted previously, different types of accountability. The formal type, where the entity is going to be held accountable to the political body that provides oversight (Parliament, government, various committees of the Parliament); accountable to the courts through judicial review proceedings; and the more informal type, that is a more general accountability relating all stakeholders and not necessarily underpinned by legislative arrangements.