He says that opposition to the delay was to “maintain momentum” for the reforms so that firms and individuals can complete their preparations as soon as possible.

In a letter to Andrew Tyrie, chairman of the Treasury Select Committee, Mr Sants wrote: “It was certainly not the intention of the FSA’s brief statement of 14 July to be seen as a peremptory rejection of any element of the Committee’s report.

“Rather, it was intended simply to ensure that the momentum behind the preparations for the RDR is not lost.”

The FSA was criticised earlier this week by Mr Tyrie for not giving “adequate consideration” to the proposals put forward by the Treasury Select Committee.

The Committee’s review of the RDR called for a delay of a year, circumstances to be considered on a ‘case-by-case’ basis and grandfathering to be allowed.

The FSA rejected this delay on the basis that advisers have already had long enough to prepare.

But it says it will conduct a full response to the review which is likely to be submitted by the end of September and publish guidelines on eligibility for waivers from qualification requirements.