Aside from the magical thinking that somehow they will be able to be able to find a "competent authority"
There is no evidence that the present government would know competence if it hit them on the head with a blunt object, or that any future government, anywhere, would perform the task significantly better.
The underlying problem is that: All the present evidence is that competence and government are mutually incompatible concepts.
Anyone stupid enough to think that a "government agent" can have access to anything without at least one "evil agent" having more and greater access, sooner, should be in protective custardy with immediate effect.
I have no wish to view child porn, but I really don't want the Taliban to have access to my banking app.
Let the politicians lead by example, and give the Russian Mafia access to their own banking details.
In fact, why not require all the politicians intending to vote for this policy lead by example and paste all their private encryption keys on their publicity material for 12 months first.