The government has announced details of a plan to investigate regulators such as the FSA.
This afternoon, the House of Lords Constitution Committee launched an inquiry called: "The Accountability of Regulators to Citizens and Parliament".
The inquiry will consider the accountability of government-appointed regulators, their scrutiny by parliament, accessibility, and, their responsibility to citizens.
The investigations will involve taking evidence from various regulators, associated consumer watchdogs and government departments.
Committee chairman Lord Norton of Louth said: "The transfer of powers from Whitehall departments to regulators operating at arm's length from the government raises important questions of accountability.
"We intend to examine how regulators are scrutinised, how they maintain their independence, and how effectively they work, not just for the government, but also for the individual citizen."
The committee will report to parliament before the summer recess.
