FCA sets out plans for product intervention powers

Under the new regulatory system, currently being legislated upon and set to be introduced early next year, the FCA will be able to make product intervention rules without consulting the public if it thinks delaying would be prejudicial to the interests of consumers. In a draft statement of policy published by the Financial Services Authority (FSA), it was explained how scenarios where temporary product intervention rules may be made include: Products being sold outside their target market or being inappropriately targeted - for example, widespread promotion/selling to types of consume...