FSA chief: Last 20 years hit by 'waves of mis-selling'

The chairman of the FSA has suggested Parliament will have to give the Financial Conduct Authority (FCA), one of its successor bodies, even greater powers to protect consumers.

In a speech last night, Lord Turner addressed the roles of the bodies which will form the core of the new regulatory system: the Financial Policy Committee, the Prudential Regulatory Authority and the FCA. He said the last 20 years had been "punctuated with too many waves of mis-selling" and said the core problem was the "complexity of many financial products and the inequality of knowledge between salesman and customer". This, he said, explained the need for a more preventative approach, as set out in the FCA approach document earlier this year, as the "pattern of the past is not acc...