'This was typified by the FSA’s refusal to personally punish senior bank staff for the various advice failings exposed in recent years, in contrast to the treatment of senior management at IFA firms such as Park Row.
In response to accusations the FSA had engaged in light-touch regulation in the lead-up to the financial crisis, Sants crafted his notorious “be very afraid” speech in 2009.
This was followed by a number of welcome personal attacks on bank advice which it was hoped would herald a significant clampdown on the sector. But there remain concerns a high-pressured, anti-consumer sales culture will continue well after the RDR increases the standards required of professional advisers.
Another symbolic episode in Sants’ tenure was the decision to reject the Treasury select committee’s call for a delay to the RDR in a press release timed to accompany the TSC’s report. The move angered MPs and painted an all too familiar picture of a regulator willing to formally consult but unwilling to listen....'
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