FSA chief executive Hector Sants has apologised for any offence caused when he said losing 20 per cent of advisers as a result of RDR was acceptable.
Giving evidence to the Treasury select committee on the RDR this afternoon. Sants said he had not intended to cause offence but was instead laying out data from the cost benefit analysis.
He said: “I am certainly happy to say I am sorry if I caused offence and distress, it is never our intention to cause distress in the language we use and I am more than happy to apologise that. I try to be a mild mannered individual.
“I was laying out the facts that lie behind the cost benefit analysis which underlies the RDR. I was asked what are those figures and I think you would have found it odd if I had not been able to answer that question.”
He was responding to a question from TSC member Michael Fallon who said there had been “considerable anger” about the comment made during Sants’ appearance in front of the committee in November.
Sants added it would be “very difficult” to judge what would be an acceptable figure to lose as a result of the change.
Sants also told MPs that he believed the RDR was not designed to address the savings gap.
Follow our tweets from the TSC meeting here.