Bim Afolami, the MP for Hitchin and Harpenden, has launched a new parliamentary group calling for greater democratic accountability of regulators.

The Regulatory Reform Group (RRG), chaired by Mr Afolami, published its first report earlier this month, titled The Purpose of Regulation.

Other members of the RRG include Conservative MPs Vicky Ford, Alun Cairns, Richard Fuller, Stephen Hammond and Sir Robert Buckland, all of whom have previously served as ministers.

Members of the RRG are worried that regulators in key economic sectors including energy, housing and financial services are not accountable enough to parliament.

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Their report calls for greater parliamentary oversight of regulators. It recommends that a 'Committee for Oversight of Regulators' should be formed with members from both the House of Commons and the House of Lords, to "scrutinise regulators in depth".

Following the publication of the report, Bim Afolami said: "Unaccountable regulators are directly hindering the UK’s growth prospects.

"Regulators have the potential to be key drivers of the government’s long-term ambitions for the UK, not to mention enablers of economic growth, but without adequate oversight from parliament, this potential has been lost.

"This report is not proposing that regulatory reform holds all the answers to unlocking growth in the UK, but it is certainly a start."