New broker regulator name changed to FCA
Financial Secretary Mark Hoban MP has announced the new regulator tasked with overseeing insurance intermediaries, previously known as the Consumer Protection and Market Authority (CPMA), will now be called the Financial Conduct Authority (FCA).
In an interview with the Financial Times, Mr Hoban said the new body would be able to ban products or limit their distribution for up to 12 months.
He also claimed the FCA will be able to penalise banks, brokers and individuals pre-emptively, before the target can present its case to an internal appeal body.
"It is a radical reform but the lesson of the financial crisis is that you need to have proper focus and clear mandates and the mandates need to be underpinned by the powers to do the job,"
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