FCA must halt 'toxic products'

Chief executive Mike O'Connor welcomed the FCA's consumer focus but said inappropriate products should be stamped out before consumers are affected. "The FCA promises it will be more concerned about protecting consumers, especially those in vulnerable positions, than protecting firms. This is as a very positive step forward. "But the test of the FCA will be whether it prevents toxic products such as PPI, mortgage endowments or split capital trusts in the future. Will it intervene early or will pressure from industry delay action?" He added: "A model where customers are ripped off, ...