DISCLAIMER: I used to work @ElectoralCommUK I left over five years ago. I still know people there, but not that many anymore. I have seen firsthand how tricky it is to regulate money in politics - to be independent and do your job well when there is immense political pressure.
I now work for an organisation with colleagues in over 100 countries around the world. They often look to the UK democracy as a beacon of hope, an example of how to improve their own systems, which are riddled with fraud and abuses of power. Belarus is a live example of how bad..
...it can get. And this is but one case out of many. It's essential that Electoral Management Bodies (EMBs) like the EC are independent of gov. Ask my colleagues or experts from @Int_IDEA @IFES1987 @osce_odihr @ACE_soas why. And now for the detailed analysis...
1) The EC is unaccountable.

It reports to the Speaker's Committee in Parliament, is subject to periodic review by the CSPL, publishes annual reports, has party nominees on the board, and has to answer regular questions from parliamentarians.
2) Party nominated board members aren't consulted.

I can't speak about current comissioners but when i was there they tried to be too involved on ocassion e.g. in operational decisions, which they really shouldn't be! I'd ask for more specifics of this claimed issue.
NB. the working together rules, which is one of the most contentious parts of the EC's enforcement during the EU referendum, are very vague and in need of particular attention. Clearer drafting from Parliament would reduce the need for interpretation for the EC.
4) The EC wants to 'mark its own homework' by formally having prosecutorial powers

Lots of other regulators can prosecute for breaches of the law e.g. FCA, HMRC, HSE etc. See here for more details of their relationship with the CPS https://www.cps.gov.uk/legal-guidance/relations-other-prosecuting-agencies
5) The EC is attempting to give itself more powers without recourse to Parliament

Political Parties and Elections Act endowed the EC with investigatory powers and anyone can bring private prosecutions for criminal offences. Not unusual for specialist regulators do to this.
6) Providing advice and guidance, and prosecuting = conflict of interest

The courts decide on whether there is a breach of the law, not the prosecutor!!!! Also see 4) above for other regulators who also provide supervisory support and prosecute as a last resort.
7) The EC's remit and goals should be set by government

The EC is accountable to Parliament for a reason: to prevent the exec from hobbling it to secure party political advantage. Water regulation is not political regulation. This is not Russia or Belarus!!!!!
8) The EC should take more advice from party nominated Commissioners

See 2) above re: need for more specifics on exactly how they're not being consulted properly.
9) '...check and balance against election gerrymandering...'

I'm not sure what this is alluding to, but it's a very serious allegation that needs a full explanation.
10) Companies House should be regulator for political parties if EC doesn't reform

Gov has recognised Companies House needs a major overhaul, so curious choice of new regulator. it's also an exec agency of gov, so not independent!!! See 7) above about hobbling independence.
11) '...ensuring operational decisions are taken at arms’ length [from politicians]'

See 4 and 10 about hobbling independence. Orwellian doublespeak here.
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