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Hector Sants responds to Andrew Tyrie letter

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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.

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Readers' comments (27)

  • don't believe you Sants!

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  • Come on big H get off the fence as sat up there back-peddling is dangerous to your wealth - sorry typo, health!!

    It's nothing new though for the FSA to say one thing and really mean another - like 'we regulate banks' actually means 'we haven't a clue what they are doing'.

    If the impact of this leadership wasn't so damaging to the financial heartland of this country it would perhaps be laughable!!

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  • Your pants on fire Hector.
    You have realsied you dropped a big clanger with the TSC insulting reply and are back-tracking, whilst still having no intention of listening to them or anybody else.

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  • If IFAs are "unable despite their best endeavours" to meet the deadline, what have they been doing for the past few years? Everyone could see RDR was not going to go away, so it is a bit late bleating about it now.

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  • Of course Sants is "carefully considering the recommendations" He will then throw them in the bin and carry on regardless !

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  • Methinks he speaks with forked-tongue

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  • Apparently Sants hopes to have a reply to the TScs recommendations ready by September.
    If it takes the FSA that long to answer a letter, how long would they need to get RDR ready if they were a financial service firm?

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  • 'carefully considering the recommendation'

    It doesn't say that they are going to act on this 'careful consideration'.

    Based upon previous comments about waivers I can't see many people being able to get them anyway.

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  • Anonymous | 21 Jul 2011 12:30 pm

    I hope that you remembered to take your cardigan with you as it must be bloody cold at the top of that ivory tower that you are sat on!!

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  • Anonymous 12.30pm

    If IFAs are "unable despite their best endeavours" to meet the deadline.


    The RDR is a bit like jumping off Niagra Falls.

    I could be ready and prepaired by the end of next week. But as a business man, IFA and genuinely interested it was is best for the consumer, if you think the jump is just plain stupid its very hard to be motivated. Unless of course you are a Leming, which of course is what the FSA think we are.

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