The new consumer and markets regulator will be renamed the Financial Conduct Authority (FCA) with a remit to ban retail products and warn investors about pending enforcement actions.
Financial Secretary Mark Hoban says the FSA's successor body, previously known as the Consumer Protection and Market Authority (CPMA), will also be able to ban products or limit their distribution for up to 12 months, the Financial Times reports. He also insists it will be able to penalise banks, brokers and individuals pre-emptively, before the target can present its case to an internal appeal body. Hoban says: "It is a radical reform but the lesson of the financial crisis is that you need to have proper focus and clear mandates and the mandates need to be underpinned by the powers t...
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