Treasury select committee member George Mudie has attacked FSA chief executive Hector Sants for not knowing what percentage of advisers are aged over 60.
During a select committee evidence session on the RDR last week, Labour MP Mudie asked if the FSA has statistics on how many advisers are over 60 and how long they have been in the industry.
Sants said he thought the FSA has the statistics but did not know them or have them to hand. He estimated around 10 per cent are over 60.
Mudie said: “You should have them, they should be in the back of your mind. You could be forcing five, 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.”
Mudie pressed Sants on why the regulator would not consider grandfathering for advisers with a clean record who are reaching retirement age.
He said: “You took a blanket decision, do you not think that is unfair and a reason to revisit grandfathering rights?”
Sants said: “I think it is justification for us to write to you with a carefully considered letter with those statistics in it and do exactly what you ask, which is give consideration to that point.”