Treasury select committee member George Mudie has attacked FSA chief executive Hector Sants for not knowing statistics relevant to the issues around grandfathering.
In this afternoon’s TSC evidence session, Mudie asked if the FSA had statistics on how many advisers were over 60 and how many of those had a length of service profile.
Sants said he thought the statistics existed in the FSA but that he did not know them or have them to hand.
Mudie said: “You should have them, they should be in the back of your mind. You could be forcing 5, 50 or 500 over 60s to spend very valuable money on something that will take effect in two years and they will retire in three.”
He added: “You cannot tell me how many over 60s have been in the industry over 20 years and you cannot tell me how many have a trouble free record. You took a blanket decision, do you not think that is unfair and a reason to revisit grandfathering rights?”
Sants said he would write to the committee with the statistics and would “give consideration” in the letter to the points raised by Mudie.
After further questioning Sants said he thought the figure might be 10 per cent.
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