The FSA's top brass is primed for a final face-off with the Treasury Select Committee (TSC) on the RDR next week, and advisers want MPs to hit the regulator with its fiercest interrogation yet.
Committee member Mark Garnier MP has promised to give Hector Sants and Sheila Nicoll 'hell' when they face questions from MPs on Wednesday afternoon.
Originally, parliamentary sources said FSA chairman Lord Adair-Turner would be appearing but this has now changed to director of conduct policy Nicoll.
The news top FSA officials are to face the TSC has sparked a fresh wave of support from advisers who feel "steam- rolled" by the regulator over RDR.
Ken Durkin, director of Independent Financial Choices, says he believes the interventions of Garnier and other MPs could help to bring about changes.
He says: "We can accept the qualifications but if they're going to insist on such tight constraints then we should be given a little more time.
"To remove commission is to remove an option clients want to have so it is destroying independent financial advice for most of the country."
However, Harry Katz, principal of Norwest Consultants, says he thinks the MPs have not focused enough on the issue of independence and is convinced the FSA will come out on top on Tuesday.
He says: "This is going to be like Muhammed Ali fighting Sonny Liston. Liston was a bruiser but Ali rang rings around him.
"I've got a feeling Garnier is not going to get away with what he thinks he'll get away with. Don't forget, the hierarchy have said ‘Enough's enough about this RDR. Stop looking at it'. So I don't see it being derailed."
He says he wants MPs to ask the FSA if it has thought clearly about the definition of independent advice.
"Well overdue": Our round-up of advisers' reactions
"This is well overdue. Thank God for Mark Garnier. The future of the RDR should be governed by those who know what's best for the consumer - that's the consumer himself - and hey, at law that's the IFA.
"Sants and Nicoll have never given IFAs this credibility. They have duly scorned the law. Don't forget Mark - NO exams for experienced, blemish-free IFAs."
"I wish Mark Garnier the best of luck, because whilst I think I know what the outcome will be, anything which gives people the chance to see how the FSA have mis-managed the RDR issue and basically bullied IFAs over the years is very welcome.
"I support the principles of RDR and am at the required level, but what I strongly object to is the way in which has been implemented and I fail to see how a regulator who is so short of competency can portray and inflict such an unjustified level of arrogance."
"Sants and Nicoll deserve to be grilled and exposed so everyone can see that they are not fit to hold the positions of power they have built for themselves. They do not listen to us and try to impose power without being answerable to Parliament."
"It now feels that we are finally getting the right support that we require. Thanks Mark and Harriett for backing our corner.
"It is about time that Sants and Nicoll be questioned about their actions instead of letting them steam-roll ahead thinking they are above everyone and everything around them."
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