Parliamentarians have said there ought to be a year’s delay before the implementation of the Retail Distribution Review (RDR), scheduled for January 2013, to give financial advisers more time to comply.
The review will bring about a structural change for the industry, most notably affecting the provision of financial advice.
But the FSA swatted down the committee’s recommendations within hours of them being released to the press, angering the committee chairman, Andrew Tyrie MP.
The Treasury Select Committee released its report on the RDR to journalists last Thursday, embargoed until midnight on Friday.
Tyrie said in a letter to Hector Sants, chief executive of the FSA: “We depreciate the Authority’s action. It was precipitate, giving the impression that no adequate consideration had been given to the arguments for the delay we recommended. This is unacceptable.”