The Banking Regulation Act 1949 prevents connected lending (i.e. lending by banks to directors or companies in which Directors are interested). Periodical inspection of banks has been the main instrument of supervision, though recently there has been a move toward supplementary 'on-site inspections' with 'off-site surveillance'.
Regular review would also make the strategy more open and transparent. It is also important that the central bank does not act in a way that does not reflect announced long-term policy goals. 5/6  BIS central bankers' speeches  Many central banks already have an evaluation process in place. The Bank of Canada is one example of such practice.