Risky finance products face instant ban, FCA says

When the new Financial Conduct Authority (FCA) is implemented early next year in the U.K., the agency will have the authority to immediately ban financial products it deems risky to the public. The FCA is also charged with reviewing firms’ business models and strategies and intervening if it believes risks are posed to consumers by those plans. It further intends to hold senior managers accountable and undertake tougher enforcement measures. The FCA replaces the Financial Services Authority and is part of a broader policy to ramp up regulation of the financial services industry in Great Britain.