Sants: CPMA must have power to ban products

Speaking at a Treasury Select Committee hearing on financial regulation, Sants said consumer protection will not be compromised by the new regime, despite ultimately being beneath the jurisdiction of the Prudential Regulatory Authority (PRA). But the CPMA must have more power than the FSA, including banning financial products it deems unsuitable, he said. "If the CPMA only takes over the FSA's power this is not sufficient. It needs the power to make executive direct interventions to ban products." He used Exchange Traded Funds (ETFs) as an example of a product which could lead to...