The incoming Financial Conduct Authority (FCA) has set out the instances in which it will seek to use new powers to temporarily ban financial products it believes may prove harmful to consumers.
A ban would not require consultation, though the new regulator said it may communicate with affected parties ahead of any ban and it pointed out that any prohibition would not last longer than 12 months. But, as expected, not all stakeholders agreed with the FCA's proposals. Here, we outline four key objections (and why the FSA rejected them)...
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