03 Nov Hector Sants Apologises for FSA’s Response to TSC Report
Hector Sants has apologised over the fast response that
the Financial Service Authority’s (FSA) gave to the Treasury Select Committee over
their report on the retail distribution review over the summer, claiming that the prompt response was issued due to media pressures.
While being questioned by the TSC, Mark Garnier MP suggested that the FSA's response showed a certain level of contempt for Parliament after the group issued a hasty press release in response to the TSC report stating the RDR would go ahead without delays, mere hours after the report was sent.
Sants commented "I am extremely sorry that that impression was given. I have been a proponent of accountability to Parliament, it wasn’t our intention to give that impression and I’m very sorry that impression was given."
He claims that media pressure prompted the hasty response, stating that the FSA didn't want to provide the media with the ability to claim that the RDR was heading for a delay if they failed to provide a quick response.