Future regulation plans are industry's 'worst nightmare'

Malcom Padgett, partner at law firm Coffin Mew, says the FSA's product intervention paper is "quite a worrying statement for a regulator". Speaking at the Protect Conference, Padgett warned the successor to the FSA, the Financial Conduct Authority (FCA), will effectively take on all the legal powers of competition invested in the Office of Fair Trading and Competition Commission. Padgett told the conference: "Ladies and gentlemen your worst nightmares lie ahead." "A you design all your products to meet the future, be very sure that you totally understand all the rules that you're g...