Last week's Treasury Select Committee hearing on RDR largely covered old ground. But these debates always teach you something new about the regulator...
1. In public at least, the FSA will say ‘sorry' Something unexpected happened during last week's debate: The FSA apologised to financial advisers. "I am happy to say I am sorry," Hector Sants said. "It is never our intention to cause distress in the language we use." At a previous hearing, Sants suggested a 20% loss of advisers as a result of the RDR was "acceptable". With thousands watching the debate live online, it was as good a time as any to express regret at making such a ridiculous statement. 2. Hector Sants does not read the trade press Even as head of the organisaton r...
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