MPs slam RDR as 'fiasco' in need of urgent rethink

MPs LABEL RDR A 'FIASCO'

MPs have branded the RDR an over-budget ‘fiasco' with a string of unintended consequences, and suggested it needs a re-think before implementation.

The panel of Treasury Select Committee ministers made the comments today at an evidence session on financial regulation, where they also rounded on advice sector representatives for failing to speak up when they believed the direction taken by regulators was wrong. MPs said all the evidence they have heard so far points to the RDR being "potentially disastrous" and a "fiasco", with costs rising from £400m to current estimates of £1.75bn. Conservative MP Andrea Leadsom said: "My fear is we are creating unintended consequences of no trust in pensions and savings, pensions which are too ...