Hector Sants responds to Andrew Tyrie letter

FSA chief executive Hector Sants has responded to Treasury select committee chairman Andrew Tyrie’s letter to assure him the regulator is taking his report seriously.

In a letter published this morning, Tyrie attacked the FSA’s immediate dismissal of the TSC’s call for a one-year delay to the retail distribution review.

Sants has responded to Tyrie suggesting the FSA is carefully considering the recommendations in the report.

Sants says the FSA will soon be publishing guidelines for eligibility for waivers from the RDR.

The letter states: “It was certainly not the intention of the FSA’s brief statement of July 14 to be seen as a peremptory rejection of any element of the committee’s report. Rather it was intended simply to ensure that the momentum behind the preparations for the RDR is not lost.”

“Prior to responding to the committee’s recommendations we will, of course, continue to consider carefully whether further mitigating actions, in addition to those already agreed, are necessary to address your concerns that firms or individuals will be unable, despite their best endeavours, to meet the deadline. For example, we will be publishing guidelines on eligibility for waivers from the qualifications requirements.”

In this week’s Money Marketing, a number of TSC members attacked the FSA’s swift rejection of the TSC’s key recommendation, suggesting it showed “arrogance” and “contempt” for the committee.