The Committee raises concerns that the proposals put forward by the Government, allowing for earlier feedback from the Treasury during the policy formation process, will damage the perception of regulatory independence, even if they do not in practice. We think that independent regulation is important to maintaining robust, fair standards and, where this is appropriate, maintaining a consistent approach for firms, markets and consumers. As the Committee highlights, the importance of regulatory independence is also recognised internationally. It is important to strike an appropriate balance between ensuring we work effectively with Treasury to secure a cohesive approach, ensuring we are accountable and protecting regulatory independence. We already have very regular engagement with the Treasury through the legal gateway, and we are committed to ensuring that engagement is as effective as possible.