FCA chief rules out kitemarking products

Appearing at the Banking Standard Committee, Wheatley (pictured) - currently managing director of the Financial Services Authority - said it would be "near impossible" for the incoming FCA to pre-approve products. When Lib Dem MP John Thurso asked whether a "kitemarking system" would be a positive step for the financial services industry, Wheatley replied: "We don't see ourselves approving products. Not only is it near impossible but this would stop the industry innovating and creating. "We are not supportive of a pre-approval process but there needs to be change to communication from...