The Financial Services Authority (FSA) has confirmed its approach to temporary product intervention.
Its latest policy statement sets out the process for the Financial Conduct Authority (FCA) when it makes emergency rules to protect consumers. The rules, which would be made without consultation, would 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 proporti...
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