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Hector Sants apologises for rejection of TSC RDR report

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FSA chief executive Hector Sants has apologised for the regulator’s pre-emptive rejection of the Treasury select committee’s report into the retail distribution review.

The TSC’s report into the RDR, released in July, calls for the January 1, 2013 implementation date to be delayed by a year to give advisers more time to meet the QCF level four qualification requirements, alongside a softening of the cliff-edge deadline for experienced advisers.

The FSA released an embargoed response alongside publication of the report rejecting the MPs’ key recommendation and stating it is committed to the January 1, 2013 deadline.

Giving evidence to the committee this morning, Sants said media pressure lead to the FSA’s statement.

He said: “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.”

TSC members have attacked the move. Labour MP George Mudie accused the FSA of “arrogance” adding that it demonstrated the regulator’s lack of accountability. Conservative MP Andrea Leadsom said it showed contempt for the work of the committee.

TSC chair and Conservative MP Andrew Tyrie wrote a letter to FSA chief executive Hector Sants slamming the pre-emptive response saying it showed no adequate consideration” had been given to the report. Sants wrote back to assure the committee it was taking its recommendation seriously.

The FSA has since submitted its formal response to the committee’s report but the TSC has yet to release it.

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Readers' comments (28)

  • How many IFAs who haven't started studying will add a snotty comment?

    My guess is 20 today!

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  • He`s lining up his next job by the sound of it. Crafty little bugger!

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  • How about apologising to the IFA community that you are totally destroying Hector! One day you will be accountable and responsible for your actions.

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  • I would suggest that most IFA's who have not studied are smarter, by sticking with mortgage and protection.

    Why bust a gut to pass an exam to make no money or increase income.

    Look forward to all the gnashing of teeth a year from now when people start moaning they were rail roaded into this.

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  • Crocodile tears, that's all it is. And if I thought Pants was really sorry, I'd send him a clean hankie.
    (Oh and I do have sufficient relevant qualifications)

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  • Anonymous@ 11;48 not man enough to use your real name? I suppose you think Sants breaking rules by ignoring an embargo and being unacountable has something to do with IFA's study???

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  • To Mr Snotty anon coward. I have completed my level 4 and been adviser charging for several years.

    My comment to Mr Sants is that when Charles the 1st ignored Parliament, they chopped off his HEAD.

    Is Mr Sants going to appolgise for committing (videoed on the record) to the TSC to look favourably at the Longstop issue again?

    If not and this is goiung to drag on and on, then two can play at the game of putting people outside the protection of the law.

    It's time for F pack staff and politicians to find out about the Longstop issues (especailly as the ministry of justice under Jack straw was discussing a reduction in the longstop for solicitors, accountants and everyone else to 10 years two years ago)

    You cannot ignore the issue F-pack staff, either condemn your employer or you are condoning it and you will reap what you sow in due course.

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  • It does not alter the fact that the FSA can ignore the TSC if it so chooses!

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  • I accidentally nearly commented on the embargoed report and the editor at MM kindly remove it to avoid embarressment. One wonders why the FSAs response to the embargoed TSC report was allowed to be published. If we were talking court proceedings this would be contempt of court. But of course, the FSA answers to no one and no-one at the FSA has accepted responsibility or been punished for NOT checking whether their response was being sent early.
    If this had been an IFA firm, whetehr loss had occurred or not, as well read now, the FSA would impose a fine.
    Hector should go, he has lost any rspect I might have had for him. Return to your banking budies and forget the Knighthood.

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  • He's only sorry he got caught with his pants down. Generally if you are sorry about something, you have the good grace to say so at the time and not months afterwards.

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