In a strongly-worded letter to FSA chief executive Hector Sants, Andrew Tyrie MP pointed out how speedily the regulator dismissed the committee’s suggestions.
“You will be aware that last Thursday the FSA circulated an embargoed response to our RDR response, rejecting in a pre-emptory manner our recommendation of a one year delay to the RDR’s introduction,” Tyrie (pictured) wrote.
“This was issued within hours of the embargoed copies of our own report being distributed.
“The Committee has discussed this. 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. This is unacceptable.”
In its report, the Committee expressed concerns the number of “competent and experienced” financial advisers could be reduced if RDR is implemented on 1 January 2013.
MPs argued pushing the implementation of the RDR back to 1 January 2014 could increase the number of firms and advisers making the transition to the new system, and avoid an advice gap.
However, in its response, the FSA said there was “clear evidence” the industry was well advanced in its preparations.
“The FSA remain committed to implementation from January 2013,” it said in a statement.
