Sants admits FSA accountability issues; says sorry for RDR response

In July, the Treasury Select Committee (TSC) recommended the FSA delay the RDR by a year and to take a case-by-case approach to allowing grandfathering. The FSA rebuffed all of the TSC's recommendations, on the same day they were published by the MPs. In a TSC evidence session on the Financial Conduct Authority (FCA), which will replace the FSA, conservative MP for Wyre Forest Mark Garnier demanded an explanation from Sants. Garnier said the speed with which the FSA responded to the report suggested it had not properly considered the proposals. "Some feel your response to our RD...