As set out in the National Health Service Act 2006, Monitor is held accountable to Parliament via the following mechanisms:
the regulator must prepare an annual report on how it has exercised its functions during the year. The regulator must lay a copy of the report before Parliament;
the regulator must in respect of each financial year prepare a report which provides an overall summary of the accounts of NHS Foundation Trusts. The regulator must lay a copy of the report before Parliament;
the regulator must respond in writing to any recommendation which:
is made by a Committee of either House of Parliament, or a Committee of both Houses; and
relates to the exercise by the regulator of its functions.
In addition, the regulator must exercise its functions effectively, efficiently and economically.
As the designated accounting officer of Monitor, the chairman is responsible to Parliament for all resources under his control. In his capacity as accounting officer he may be called upon to appear before the Public Accounts Committee.