Treasury select committee member Mark Garnier has blasted the FSA for making a “pig’s ear” of the RDR and showing “contempt” for the TSC.
Speaking at a Social Market Foundation fringe event on savings at the Conservative conference in Birmingham today, Garnier said there was an “extraordinary” lack of interest in the RDR from MPs until recently.
He said: “It was extraordinary as nobody in parliament had taken the slightest bit of interest in it until 2010 when we had a couple of debates on it and a TSC investigation where we came up with a couple of recommendations.
“But the FSA just shrugged its shoulders and said, ‘so what?’. There are an awful lot of investment managers and IFAs who will be put out of business and I think we are going to lose a lot of advice as a result.
“The FSA has made a pig’s ear of the RDR and its contempt for the TSC is not helpful. It is going to be interesting to see how it pans out and I hope it does a good job of getting advice to small-time savers as it is those people I really care about.”
The TSC recommended the FSA delay implementation of the RDR until 1 January 2014, but the proposal was swiftly rebuffed by the FSA to the anger of MPs.
Garnier also criticised the performance of the Money Advice Service.
He said: “When the MAS came before the TSC we were a little robust with it and its chief executive Tony Hobman resigned shortly afterwards. I do not know whether that is an achievement or not. He seemed like a decent bloke but he was being paid too much for the job he was doing.”