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How Andrew Tyrie took on the regulator

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by Michelle Abrego on Feb 13, 2014 at 15:14

Following Andrew Tyrie’s recent grilling of FCA bosses Martin Wheatley and John Griffith-Jones, we chart his valiant efforts to hold the regulator to account.

MPs raise concerns over cost of RDR

18 October 2010

The Treasury Select Committee (TSC) first voiced its concerns about the spiralling cost of the retail distribution review (RDR) after the estimated bill ballooned to £1.7 billion from £400 million.

Conservative MP Mark Garnier said: ‘I’m not sure that RDR is going to ensure we have a good and wide range of consumer choice. I think it will end up with…people who have a lot of grey hair and experience turning around and saying to hell with it.’

TSC calls for evidence on RDR

26 November 2010

TSC chairman Andrew Tyrie (pictured) called for written evidence on whether the RDR was necessary to achieve its objectives to create a transparent charging system, clarity around types of advice, and increase adviser’s professional standards.

Sants stands firm over vital reform

10 February 2011

Former Financial Services Authority (FSA) chief executive Hector Sants (pictured) wrote to the TSC saying that any ‘dilution’ of the RDR would only cost consumers more as a result of poor advice.

He added that the policy changes were ‘absolutely vital’ for rebuilding consumer trust and confidence in the advice sector.

Committee calls for 12 month RDR delay

16 July 2011

The RDR came under political pressure when the TSC called for a 12-month delay to its implementation.

The FSA quickly put out a press release stating that despite the issues raised by the TSC the RDR would still go ahead on 31 December 2012.

Sants denies dismissing MPs' concerns

21 July 2011

The FSA’s hasty response to Tyrie and his cohorts earned the regulator a stiff rebuke from the committee.

Sants though denied that the regulator had dismissed out-of-hand the TSC’s call for a 12-month delay to the implementation of the RDR.

Tyrie scolds FSA on accountability

11 October 2011

Tyrie hits out at the FSA by claiming that the way it handled MPs’ call for a delay to the RDR highlighted its ‘accountability deficit’.

'We made recommendations that appear to have been swept aside in almost a number of hours by the regulator,' he said.

Humble Hector says sorry

1 November 2011

Sants apologised for the FSA’s quick response to the TSC’s report on the RDR, blaming the hasty reply on media pressure.

He said the FSA was concerned that if it did not issue a quick a response the media would write stories that the RDR was to be delayed or reversed, but that the regulator did not intend to appear unaccountable.

MPs pledge to monitor impact

7 September 2012

The TSC said it would examine the impact of the commission ban to ensure consumers benefited from the move.

It also called for the FSA to ‘redouble’ its efforts to inform the public of the changes and to increase the levels of industry compliance.

FCA chief Wheatley admits advice gap concerns

10 September 2013

Nine months into the RDR, and following multiple banks pulling out of advice, Financial Conduct Authority (FCA) chief executive Martin Wheatley (pictured) finally admitted concerns about the lack of availability of advice to the mass market.

During an evidence session with the TSC, Wheatley said: ‘It is a concern. People who have... below £50,000 or £100,000 are not getting the same service that they were getting. That is a concern.'

Tyrie says fresh scrutiny should wait

28 November 2013

Tyrie said it was unlikely MPs would review the RDR for at least two years even though declining adviser numbers had raised the risk of consumer detriment.

He said it would take at least two years for the full impact to work through the profession and he would want to see the FCA’s findings on its thematic reviews before taking action.

TSC lays into FCA over adviser numbers and fees

4 February 2014

A full review of the RDR might be off the cards for the time being, but last week’s evidence session with Wheatley and FCA chairman John Griffith-Jones (pictured) showed that the TSC will keep the pressure on the regulator.

Tyrie and Garnier pressed the FCA on the fall in adviser numbers, consumer confusion over non-advice and advisers’ regulatory fees.

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