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Rejection dictates new stance

Treasury select committee chairman Andrew Tyrie says the FSA’s rejection of the committee’s key RDR recommendation will inform how it proposes to increase the Financial Conduct Authority’s acc-ountability.

The TSC’s RDR report, published in July, called for the 2013 implementation date to be put back by one year to give advisers more time to reach QCF level four, as well as a softening of the qualification cliff-edge for experienced advisers. TSC members attacked the “arrogance” of the FSA when it released an embargoed response alongside the report rejecting its main findings.

The TSC says the response gave the impression that the FSA gave inadequate consideration to the recommendations. It adds that although the FSA’s full response, released by the committee this week, shows “some signs” of further consideration, the regulator’s actions highlight concerns over regulatory accountability.

Tyrie says: “Our exchanges with the FSA about the RDR will inform the approach we take in ensuring high levels of accountability are put in place for the FCA.”

The FCA is set to replace the FSA in early 2013 and the committee is running an inquiry into the new regulator.

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