'Select committee flogging a dead horse on RDR', says TSC member
Andrea Leadsom, a Treasury select committee (TSC) member, has warned advisers that keeping up the pressure over the retail distribution review (RDR) is low on the committee’s list of priorities.
Speaking to Money Marketing, Fundweb’s sister publication, at the Conservative party conference in Manchester this week, Leadsom, who is MP for South Northamptonshire, says the FSA’s rejection of the committee’s call for a one-year delay was “infuriating”.
But she adds: “We feel we have done as much as we can. As far as I am concerned, I think we have come as far as we can with the matter simply because we have so many really important things we need to look at.
“We have given a lot of time to the RDR, we have made our recommendations, and we cannot force the FSA to do what we say. It is regrettable, but I suspect we will probably not pursue it.”
Leadsom says the TSC must “pick its battles”, which include concerns about the new regulatory system, the Independent Commission on Banking’s final report and the volatile economic situation.
She says: “There are a huge number of things we need to do and in the end you cannot keep flogging a dead horse.”
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