The FSA has told the Treasury Select Committee (TSC) any dilution of the RDR will lead to higher costs to consumers through continued unsuitable advice, in a warning to MPs not to meddle with the rule change.

FSA CEO Hector Sants has ruled out 'any dilution of the RDR proposals' in a personal submission to the TSC.

The Treasury Select Committee (TSC) has not yet made a decision on whether to call for a full evidence session on the RDR as it wades through a huge 203 separate submissions on the issue.

Banks will reveal salary details of their highest paid staff and lend businesses £190bn this year under Project Merlin, but their top earners will not be hit with a bonus tax, the government said today.

The FSA has hit out at what is says is the "topical myth" IFAs only cause 2% of Ombudsman (FOS) complaints, and claims they caused more than double the pensions grievances banks did last year.

Paul McMahon has stepped down as director of corporate at Friends Provident to become group marketing director at rival Aegon.

The FSA has named more of the team who will run the UK's ‘twin peaks' financial regulation post-2012, including its current major retail groups' director Clive Adamson who takes control of firms' supervision.

The British Bankers Association (BBA) has written to FSA CEO Hector Sants proposing a "simplified advice" model for the mass market, which it says would fill an advice gap left by the RDR.

JP Morgan Chase has hired Sally Dewar, the former head of risk at the FSA, to help manage its global response to regulatory change.

Clive Bannister will replace Jonathan Moss as group chief executive of Phoenix Group, the specialist consolidator of closed life funds.