Accountability Arrangements for Financial Sector Regulators

Economic Issues, March 14, 2006

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Accountability Arrangements for Financial Sector Regulators

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Bibliographic details

• Authors: Eva H. G. Hüpkes, Michael W Taylor, Marc G Quintyn
• Published: March 14, 2006
• Series: Economic Issues
• DOI: https://doi.org/10.5089/9781589064775.051

Summary

• Policymakers are often reluctant to grant independence to the agencies that regulate and supervise the financial sector because of the fear that these agencies, with their wide-ranging responsibilities and powers, could become a law unto themselves.
• This pamphlet describes mechanisms for making regulatory agencies accountable not only to the government but also to the industry they supervise and the public at large, with examples from a range of countries.

Major themes and findings

• Agency independence versus accountability: tension between granting independence to financial sector regulators and the need to prevent agencies from operating without sufficient oversight.
• Multiple accountability channels: the pamphlet emphasizes mechanisms that make regulatory agencies accountable to the government, the industry they supervise, and the public at large.
• Comparative examples: the pamphlet draws on examples from a range of countries to illustrate accountability arrangements in practice.

Policy recommendations and mechanisms (as described)

• Design accountability arrangements that balance agency independence with mechanisms to ensure responsible exercise of wide-ranging powers.
• Ensure oversight through government channels while providing transparency and public accountability to the industry and general public.
• Use country examples to inform the design of oversight bodies, reporting requirements, and institutional checks.

Content in this bundle

• ترتيبات مساءلة الهيئات التنظيمية المشرفة على القطاع المالي؛ قضايا اقتصادية رقم 39؛ 14 مارس 2006
  • ترتيبات مساءلة الهيئات التنظيمية المشرفة على القطاع المالي؛ قضايا اقتصادية رقم 39؛ 14 مارس 2006 (Markdown version)
  • ترتيبات مساءلة الهيئات التنظيمية المشرفة على القطاع المالي؛ قضايا اقتصادية رقم 39؛ 14 مارس 2006 (PDF)
• Sistemas de rendición de cuentas para reguladores del sector financiero
  • Sistemas de rendición de cuentas para reguladores del sector financiero (Markdown version)
  • Sistemas de rendición de cuentas para reguladores del sector financiero (PDF)
• Dispositifs de responsabilisation pour les régulateurs du secteur financier
  • Dispositifs de responsabilisation pour les régulateurs du secteur financier (Markdown version)
  • Dispositifs de responsabilisation pour les régulateurs du secteur financier (PDF)
• Механизмы подотчетности органов регулирования финансового сектора
  • Механизмы подотчетности органов регулирования финансового сектора (Markdown version)
  • Механизмы подотчетности органов регулирования финансового сектора (PDF)