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The RDR will continue under the new financial regulatory structure, Hector Sants said today.
Speaking at the 2010 conference of the Chartered Institute of Securities and Investments (CISI), Sants said transitions due for completion by the end of 2012 would not be derailed by the regulatory overhaul announced in last night's Mansion House speech.
In the speech, Chancellor George Osborne confirmed he would scrap the tripartite system created by Gordon Brown, including the FSA, and said Sants would stay on to head up the new City watchdog.
Today Sants told IFAonline: "We have every intention of taking the RDR forward into the new regulatory structure."
In February, Sants caused a mixture of outrage and jubilation in the adviser community by announcing he would step down as chief executive of the FSA before overseeing the final implementation of the RDR.
Sants said this aspect of regulatory change had not affected his decision to leave the FSA.
"My personal plans have never been linked to the RDR.
"The personal and family reasons behind my leaving are still valid, but I was persuaded by the wider circumstances to stay on to see the evolution of the next regulatory structure."
The FSA this morning told IFAonline the "working assumption" was that the Consumer Protection and Markets Authority, one of the bodies announced by Osborne last night, would look after IFAs and RDR, but that they too were waiting for further clarification from the Government.
"It is still very early days", a spokesperson said.
Duncan Jarrett, sales director at Aegon UK, says: "I don't think anything is going to change dramatically. The push towards increased professionalism in the last couple of years has been a positive step and I do not see anything changing there."
Elsewhere in today's speech, Sants hinted at the shape and direction regulation will take under the coalition Government, with much more emphasis on "modifying behaviours" of those working in financial services.
In a speech entitled ‘Do regulators have a role to play in judging ethics' of financial firms, he said: "A regulator can and should seek to influence culture to achieve the outcomes society deserves.
"We are already adding in technical subjects to the authorisation process. Adding in behavioural subjects is perfectly feasible."
"We can only do this by making."
He said current practices were "too one dimensional" and taking a more interventionist approach to the culture of financial firms must become "a primary objective" for the new regulator.
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Sants: RDR will go ahead as planned
Sants resignation should stand. Whoever accepted it should hold him to it. Just because he sees a potential extra pay-off he should not be given the opportunity milk the system any further.
Posted by: Disillusioned
Oh no it won't
RDR was conceived in a world far away from this one...
Posted by: Ken Durkin
Ruled by idiots
As long as we are ruled by idiots what do you expect. Regulation is now a massive industry in the UK but it is like a creeping weed that slowly kills off the valuable plants that actually produce something. Banks did not fail due to lack of regulation they failed because a poor Chancellor and Government could not see the over heating economy and easy credit which they could have done something about, they chose not too as it was producing too much revenue for them to waste.
Posted by: Michael Fallas
Hector's Plan
The most difficult thing in the UK is to rid the country of a civil servant once the post has been created. No one will admit the post created was a costly mistake.The current break up of the regulatory regime is right up Hector's street. Having been party to creating the costly leviathan we know and love as the FSA he will make sure most of the staff at Canary Wharfe will stay at the Consumer Protection Agency, paid for exclusivily by the IFA community. He will swan off back to the bank where he will be applauded for saving the banks from paying for his costly mistakes.
Posted by: David McMeekin
IFA bullying!
To whom can I make a serious complaint that I am being bullied out of my livelihood by the FSA and by forcing a degree level qualification on over 60s is tantamount to forcing me to retire early (or before I wanted to go)?
Posted by: Derek Vivian
RDR Qualification
My career in Financial Services of 30 years will be over on 31 December 2012 I wanted to make the decision when I retire but that decision has been taken from me. I have failed R01 4 times and apparently Im not the only one. The obscurity of the questions and answers is driving me mad. I work in a specialised area - annuities - but have to qualify in subjects that have no relavance to my specialisation Hopefully there will be a way to sue for discrimination against my age experience and speciality
Posted by: Lynda Powers
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Not fade away
One of the characteristics of a bureaucratic organisation is that they don't fade away and die they just get reinvented in a different guise, so for all those whooping and hollering about the demise of the FSA....don't it will be back with a different name. The faces at the top might change somewhat but that will be because those already 'in situ' will see this as a perfect opportunity to write themselves extremley generous severance payments/ terms that will make your blood boil all over again. The bonuses might stop but the severances will begin. The gravy train just keeps rolling on.
Posted by: stevo