Mark Hoban, the Treasury financial secretary, has defended the FSA's "pre-empted" response to a recommendation by the Treasury Select Committee (TSC) to delay the Retail Distribution Review (RDR) by one year, saying it does not mean the regulator considers itself unaccountable to Parliament.
Hoban was this morning giving evidence to the TSC as part of its inquiry into the role and powers of the incoming Financial Conduct Authority (FCA). Mark Garnier MP asked Hoban whether the FCA would take its accountability to Parliament more seriously, given that it appeared to reject the committee's call for an RDR delay earlier this year without due consideration. Hoban said today: "Generally, they [the FSA] are very aware of their accountability and they take the challenge from the TSC very seriously." "There are a particular set of circumstances around RDR that make it difficul...
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