FSA apologises for rejection of TSC report

Chief Executive of the FSA, Hector Sants, has issued an apology for a pre-emptive rejection of the Treasury Select Committee’s report into the RDR.

Hector Sants, Chief Executive of the FSA, has issued an apology for the regulator’s pre-emptive rejection of the Treasury Select Committee’s report into the RDR, saying that the statement was made as a response to pressure from the media.

Released in July, the TSC’s report into the RDR calls for the 01 January 2013 implementation to be delayed by a year in order to allow advisers more time to meet the QCF level four qualification requirements.

Following the TSC’s report, the FSA released a stern response that rejected the key recommendations and stated that it was committed to the 2013 deadline.

Sants stated: “I am extremely sorry if the impression we treated this committee with contempt has arisen. The press release was somewhat clumsily worded; it was reacting to media pressure. But that does not in any way reflect my, or the FSA’s, commitment to full accountability to this group.

“It was unfortunate timing to release the report with the summer coming up, we were concerned the press were going to report it as RDR delayed, that the media were going to run stories about the RDR being killed and that preparations were going to be disrupted and the option of careful consideration of your recommendations would have been removed for us.”

Members of the Treasury Select Committee have accused the FSA of “arrogance” with the Chairman of the TSC, Andrew Tyrie, writing a letter to Sants condemning that the FSA had not given the report adequate consideration.  Sants responded by assuring the committee that the FSA was taking the recommendations seriously.

 

A formal response has been submitted by the FSA, but it has not yet been released by the TSC.

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