The Treasury Select Committee (TSC) will begin an inquiry into the accountability of the successor regulator to the Financial Services Authority (FSA), the Financial Conduct Authority (FCA).
It plans to investigate whether, under current government proposals, the rules on how the FCA justifies its actions are strong enough.
"The creation of the FCA provides an opportunity to examine the accountability mechanisms that will apply under the new system of financial regulation," the TSC said in a report out today.
"We will therefore instigate an inquiry into this, including the mechanisms proposed by the government, as well as the concerns raised within the evidence attached to this report, to decide whether they are adequate."
Their announcement is included in a TSC report scrutinising the RDR rule change.
MPs and the FSA have clashed over some of the changes.
In today's report, for example, the TSC called for the FSA to push back the implementation of the RDR by a year until 2014 to enable more advisers to meet the requirements, but the FSA has flatly refused the idea.
As an independent statutory body, the FSA is under no obligation to change current policy on the recommendation of MPs, and only government ministers can force the regulator's hand.
However MPs are keen to ensure the FSA's successor, the FCA, can be more readily called to account.
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