FCA may ban products for a year without consultation

Addressing the British Bankers' Association this afternoon, Martin Wheatley, who will head up the Financial Conduct Authority (FCA), explained how a ban is one of the product intervention powers it is set to be granted by the government. Referring to the FSA's recent warnings about traded life policy investments - dubbed 'death bonds' - Wheatley detailed how the successor body would go even further. "We expect to be able to take action to ban products like these for up to 12 months without having to consult - and so we won't have to rely on strong warnings alone," he said. "A key n...