The new regulatory system will need to be held accountable for its actions, according to shadow financial secretary Christopher Leslie MP.

Speaking at the Tax Incentivised Savings Association in London, Mr Leslie said it needed more scrutiny and accountability.

He said: “I think regulators need to be able to be held to account, sometimes through the courts. I think in particular we need to do more about internal accountability.”

“I want the House of Commons to be able to have its say in the fundamentally quasi powers that will be vested in the Bank of England.”

This accountability could come through the policy route or the courts route.

His comments are similar to those given by the Treasury Select Committee earlier this month.

Chairman Andrew Tyrie said the Bank of England should be accountable to the Government.

He said: “In a crisis, lines of accountability must be much sharper. The Chancellor should have a specific power of direction when public money is at risk.

“This will place the Chancellor firmly in charge during a crisis and accountable to Parliament for decisions.”

Mr Leslie also admitted to still having concerns over the RDR.

“There is a need for transparency of commission and higher qualified advice but I still have concern is RDR going to put pressure on the availability of financial advice in parts of the country.”

There has been debate over the number of advisers leaving the industry due to the RDR but latest figures from the Financial Services Authority show 91 per cent of advisers expect to be ready by the RDR-implementation date.