The FSA is set to publish its first "health alert" shortly to warn about risky financial products, in a bid to halt the stream of mis-selling scandals.
Alerts to firms as well as to consumers will be public and financial lawyers are already warning clients the regulator is keen to make an example of a company.
"I expect us to start issuing warnings soon," Margaret Cole, FSA interim managing director of business conduct, told Reuters.
Cole said she was not going to wait for anticipated tougher consumer protection powers from Britain or the European Union over the next two to three years to introduce its "product intervention" blueprint.
The crackdown has already begun, she said.
"We have been asking for minutes of product approval meetings and there are examples where we have told a firm to go back and add features to a product to bring about greater comfort on our part," Cole said.
The FSA will delay licences if a company's business model relies on a "novel product" with a suspect design, Cole said.
There are also plans to look at product margins after the "enormous" profits chalked up through sales of Payment Protection Insurance, Cole said, but the regulator is keeping an open mind on price capping.
The government is expected to give the FCA powers to ban for up to a year "toxic" products that are damaging for consumers.
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November