Hector Sants – the chief executive of FSA today apologised over his comments about advisers. Mr. Sants had said losing 20 percent advisers because of RDR was acceptable.
Testifying before the Treasury Select Committee (TSC), Mr. Sants said that he did not intend to cause any offence and was simply referring to the cost-benefit data analysis.
“I am certainly happy to say I am sorry if I caused offence and distress, it is never our intention to cause distress in the language we use and I am more than happy to apologise that. I try to be a mild mannered individual”, said Mr. Sants expressing his regret.
“I was laying out the facts that lie behind the cost benefit analysis which underlies the RDR. I was asked what are those figures and I think you would have found it odd if I had not been able to answer that question”, he said in support of his statement.
Mr. Sants was responding to the charges brought about by TSC member Michael Fallon, who said after Mr. Sants comment before the committee in last November, there was “considerable anger” among advisers.
However, Mr. Sants said this time that it will be “very difficult” to give out exact number of advisers to be lost because of RDR.
RDR will not be able to address the savings gap, he told the group of MPs.