The chairman of the Press Complaints Commission has been asked to keep Leveson informed of his progress on drawing up plans for a new regulator.Lord Hunt explained some of his proposals for a new regulator for the industry during his evidence at the Leveson Inquiry this afternoon.Robert Jay QC, inquiry counsel, asked Hunt if the appetite for the industry reaching an agreement and creating a new self-regulatory body was a "fear" that Leveson would come up with "something worse".Hunt said: "I think you [Leveson] have opened the window of opportunity. I'd be keen to use the momentum your that inquiry provided to press on with reform."He told Leveson they would not have to wait as there was a "unprecedented consensus" in favour of the proposed new architecture for the PCC, which was uniting political parties and press.Leveson asked Hunt to keep him informed and maintain momentum if he could.Hunt's proposal is that the new regulator should have two arms, one which deals with complaints and mediation, and one which audits and enforces standards and compliance.Membership of the proposed body would be on a contractual basis as opposed to set out in statute, according to Hunt.He said: "There is an appetite to proceed with this form of self-regulation, which I warmly applaud."According to Hunt, there should also be an independent review of the Editors' Code of Practice.The PCC chairman suggested every institution he approached so far with his new plans was willing to join a potential new regulator based on his ideas, including Northern and Shell owner Richard Desmond, who abandoned the PCC in 2010.Hunt said during his evidence that the PCC has been criticised for not acting when it "either didn't have the powers or didn't think it did."Sir Christopher Meyer, former chairman of the PCC, and Lord Grade, a PCC commissioner, also gave evidence to the inquiry today.