The U.K.’s HM Treasury has proposed giving power to the new Financial Conduct Authority to ban financial products for up to year if it determines the product would harm consumers. The proposal appears in a consultation paper released by Treasury, which give the FCA, the successor to the Financial Services Authority in 2012, to take “time and decisive action” in advance of a product launch, rather than wait to intervene “until there is clear evidence of widespread consumer detriment.”
