21 Jul Treasury Select Committee Criticises FSA’s Fast rejection of RDR Recommendations

The Treasury Select Committee (TSC) has written to the Financial Services Authority (FSA) today to criticise the groups extremely fast response the the TSC's recommendations. The TSC has sent the FSA a report into the upcoming RDR, however the believe that the FSA never had any intention to read the report and had already chosen to reject whatever it said before ever receiving it. The chairman of the TSC, Andrew Tyrie, commented in his letter to the FSA that the financial regulator's rejection of the recommendations outlined in the report, in which the TSC recommended a one year delay in implementation of the RDR, was "peremptory" as it w as received mere hours after the report was sent. He commented "We deprecate the authority's action. It was precipitate, giving the impression that no adequate consideration had been given to the arguments for the delay we recommend. This is unacceptable."