FCA: we will go further than FSA on product suitability

A document outlining the FCA's approach to regulation revealed the body would "challenge providers" on the value-for-money of their products and the charging structures underpinning them. "It is likely we will go further than the FSA has previously done," the document reads. The development relates to a key power set to be granted to the FCA under the Financial Services Bill: product intervention. It will allow the FCA to "intervene early, to pre-empt and prevent widespread harm from happening to consumers from happening in the first place, rather than clear up after the event". ...