Minister, I just explained the differences. It does not concentrate the power on the ministers, which is what you're asking for. You, as minister, can choose the winners or losers. Entities and individuals would be inclined to lobby you personally, rather than look at the rule of law.
It is not a fair comparison with other G7 countries. Other G7 countries have regulators with very specific limitations. It's not the same. This is why it is called a Henry VIII provision.
Would you remove it because it has the potential for abuse?