In a letter to Sants yesterday, Tyrie said the speed with which the FSA dismissed the recommendation of a year’s delay to RDR was “unacceptable”.
He added: We deprecate the [FSA’s] actions. It was precipitate, giving the impression that no adequate consideration had been given to the arguments for the delay we recommend.”
However, replying today, Sants said it was “certainly not the intention of the FSA’s brief statement of 14 July to be seen as a peremptory rejection of any element of the committee’s report”.
He wrote: “I can assure the committee that the FSA is considering carefully the recommendations in the report and will follow its usual practice of submitting a full response.
“This will take some weeks, but we would intend to submit it by the end of September.”
Sants added the reason for the swift initial response was to “ensure that the momentum behind the preparations for the RDR is not lost”.
He added: “Prior to responding to the Committee’s recommendations we will, of course, continue to consider carefully whether further mitigating actions, in addition to those already agreed, are necessary to address your concerns that firms or firms will be unable, despite their best endeavours, to meet the deadline.
“For example, we will be publishing guidelines on eligibility for waivers from the qualifications requirements.”
