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The problem is that a regulatory body will have a duty to investigate, so that takes away the access to independent advice. People want to get advice, but they will not necessarily be able to get it from a regulatory body.
The quality of the inquiry is at a certain level, but then you get so much information that the quality ends up going down, and all that happens is that the time for deliberation gets extended.
The issue is not a party-political one, nor does it affect any one party more than others. It crosses society. Getting it wrong causes reputational damage, and we have a duty to get it right.