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Hector Sants to defend RDR in front of MPs

FSA chief executive Hector Sants and director of conduct policy Sheila Nicoll will face the Treasury select committee next week to defend the retail distribution review.

According to the committee, the oral session is set to take place next Wednesday, March 9, at 3pm and will form part of the TSC’s inquiry into the RDR. Chairman Adair Turner could also attend the session but this has not yet been confirmed.

In November, the committee launched a consultation on the RDR and called for evidence submissions on whether it will achieve its stated outcomes.

Aifa director general Stephen Gay called the committee’s inquiry the “last opportunity” to press for changes to the RDR at the Tenet annual business conference in February.

Conservative MP Mark Garnier, who is a member of the TSC, has been a strong opponent of the RDR and was responsible, along with fellow MP Harriett Baldwin, for securing a House of Commons debate in November.


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There are 19 comments at the moment, we would love to hear your opinion too.

  1. Michael Fallas 1st March 2011 at 6:55 pm

    He will no doubt baffle them all with waffle and anything he can find to back up his ideals such as research done in Australia.

    Can’t see anything changing his mind as Government has no power over the FSA at all.

    Given we all pay them WE SHOULD BE THE ONES ASKING THE QUESTIONS not the Government as few seem to understand the issues.

    Well done to them trying though but it will just be a show exercise in my view.

    Hope I am wrong though.

  2. I hope you’re wrong too, Michael. I must say I find your consistent negativity both depressing and, in my view, unwarranted.

    If the TSC go about their business with forensic vigour I think Sants may well struggle defending what I believe is a weak hand.

    We shall see.

  3. Julian Stevens 1st March 2011 at 8:40 pm

    Let us hope that members of the panel have read at least a few of the papers submitted by industry members pointing out the assorted fallacies and misrepresentations on which the RDR has been based, not least the massively skewed Cost:Benefit Analysis. The costs were vastly underestimated, whilst the benefits are largely speculative and remain, at the very least, open to question. Those questions need to be asked and evasive answers rejected.

  4. We about to have a lesson in how to defend the indefensible. How can a man prostitute his talents in such an unworthy cause?

  5. You cannot defend the indefensible, fact!

  6. FSA is a disgrace. RDR IS A DISGRACE

  7. You are not usually wrong Michael, but for once I really hope you are.
    If nothing else is achieved, the TSC will surely recognise that the fact that the GOVERNMENT has no power over an unelected quango is an untennable situation which must be stopped.
    Otherwise, sooner or later they will have a riot on their hands.
    “Oppression makes a good man mad”

  8. Roland Proudlock 2nd March 2011 at 9:30 am

    Perhaps the current purge on dictators should be adopted here in the UK, not just the middle east!.

  9. The TSC meeting is on Wednesday, we are holding a Q&A on this subject with Mark Garnier as a special guest on Monday 7th March, AM, there are a very limited number of spaces left.

    If you want to put a question to Mark Garnier pre the TSC, follow this link now-

  10. The 9th of March is my birthday so many thanks to the TSC for calling to account that which is unaccountable.

    A great many of us (middle England) have lost faith in this element of democracy and have witnessed the dictatorship of an unelected quango. Perhaps for the first time some of the RDR falsehoods will be challenged?

  11. Anonymous | 1 Mar 2011 7:57 pm

    I understand why you feel I am being negative and depressing but sadly this is how I feel and I have tried for years now to get changes made from wirting to MP’s, etc. etc., in fact anything I can think of but every time they either don’t want to listen or like Mr Hoban simply ignore what you are saying as if you don’t exist or say it is not in their remit or area of control.

    I am becoming totally disillusioned by events of the last couple of years, but despite my negativity I will fight to get justice, fairness and responsibility in our industry and as this is what this Giovernment promised us in the Queens speech, I expect them to live up to those words and will take them to task if they do not do so.

    We are not treated fairly compared to any other industry and sadly that has not changed with no prospect of doing so under the new regulator either.

    Consumers in my view are going the be the biggest loser and we cannot have that and I will fight until we have a respected thriving industry.

    Should I shut up and are my comments “unwarranted” well I hope not but I do realise some as you do may think they are. Tough I am entitled to have my say as much as anyone else

    We have given those who regulate us far too long now to get things right and they are very highly paid for doing so and deserve any criticism or praise as we all see fit, the time for sympathy or giving them another chance has long gone, so yes I am really angry at them for putting us into this situation.

    Let them prove me wrong by all means I am happy to accept being proved wrong and would love to see that as to me that means we are making progress, but are we?.

  12. Hello, Michael.

    I am the guy to whom you are replying. I never post anonymously and there must have been a computer glitch when I sent my post at 7.57pm yesterday.

    Just to say, we’re both on the same side here, so let’s keep our fingers crossed that the TSC inquisitors do a good job on Wednesday!

    Best Regards


  13. Sorry guys, you’re all so nieve to think that anything positive will come from wednesdays little show, silly old Hector has his new role in the new regulator already, surely if the TSC found error in his running of the FSA he would need to be replaced. (wouldnt he)? Thats not going to happen is it. get real please.

  14. Perhaps this is a lesson to us all. The adviser community is just so weak. Perhaps we are just too independent and entrepeneurial to be united. Unless we change something, our unelected, well-intentioned regulator will continue to make foolish regulation. Perhaps we need a union, but perhaps it could have a blue banner?

  15. Michael Fallas 2nd March 2011 at 1:52 pm

    Roger Heath | 2 Mar 2011 11:30 am

    Roger good to have a name to a post and thank you.

    Let us not forget please that it is all of us who pay the salaries of these people who have the power to tell us what we do, what we have done wrong and the power to fine us, sentence us, even to potentially send us to jail, to make us liable for our advice until we die, to expect us to be perfect and flawless when giving advice to consumers, to force us to pass exams they deem fit to test the quality of our advice or we can no longer continue to trade, etc. etc..

    Just how many other industries can you name that have all that thrust upon them and yet they accept no responsibility for their own mistakes ??

    We are the mugs here and it is time these people abided by the same rules and regulations they have shoved upon us or else they should shut up and work with us to get this right. They have had far far too long playing god and have shown they are as susceptible to anyone else to mistakes and lack of knowledge or circumstances beyond their control.

    The TSC need to start using their teeth otherwise many will think it is just a PR exercise, so lets see shall we.

    Anyone who can should attend the meeting with Mark Garnier MP and others on Wednesday 2nd March at M & G in London, sadly I can’t make it.

    Time we fought back and hard !!

  16. Sorry I cannot make the meeting in London, but my support will be with you(or should it be may the force be with you) Come on support these guys, its not just about exams, its about the whole ifa sector being demonised and shut down

  17. Michael Fallas 2nd March 2011 at 4:38 pm

    Thanks Terry

    Sorry the meeting is on Monday 7th at M & G from 10 am not today, my apologies.

    details at

  18. Just been announced that Mr Turner will not attend to defend – this is no surprise as he will not even be interviewed without the questions being vetted as he needs to be coached on the answers before hand.

  19. I live in the Managerial Age, in a world of “Admin.” The greatest evil is not now done in those sordid “dens of crime” that Dickens loved to paint. It is not done even in concentration camps and labour camps. In those we see its final result. But it is conceived and ordered (moved, seconded, carried, and minuted) in clean, carpeted, warmed and well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their voices. Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the office of a thoroughly nasty business concern.
    C. S. Lewis
    English essayist & juvenile novelist (1898 – 1963)

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