The Financial Services Authority (FSA) has confirmed its approach to temporary product intervention and said the incoming Financial Conduct Authority (FCA) "will not hesitate" to use its powers.
Its latest policy statement sets out the process for the FCA when it makes emergency rules to protect consumers. The rules, which will be made without consultation, will last for no longer than 12 months and could not be renewed. Martin Wheatley, CEO designate of the FCA, said: "The creation of the FCA is our opportunity to reset conduct standards. This power, along with our other new powers, helps define how we will regulate. "We know that some in the industry are concerned about us using this power too hastily; I want to be clear that we know proportionate judgement is needed, and t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
