The FSA will be able to restrict firms from selling certain products and suspend individuals as ‘disciplinary' measures when it implements new powers granted to it under the Financial Services Act 2010.
Previously, the regulator could only suspend a firm or individuals for consumer protection reasons. The new power is one of several granted to the FSA under the Financial Services Act 2010 which, following a period of consultation which ended in June, will be implemented on 6 August. Others include the power to impose financial penalties on individuals who have carried out controlled functions without FSA approval, and the power to penalise with a fine those who breach its short-selling rules. But the new suspension powers have already concerned some stakeholders. Under the rule...
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