FSA consumer strategy bolstered as enforcement fines set to soar
The Financial Services Authority (FSA) has unveiled a new "confrontational" supervision strategy following the revelation that fines could treble in size.
The watchdog has adopted what it described as a "proactive approach to consumer protection", meaning that rather than wait for clear evidence that a product had been mis-sold and buyers impacted, it would vet offerings before they were made widely available.
The move came as the FSA imposed a new income-related penalties policy, which came into force on 6 March and could result in a three-fold increase in enforcement fines.
Commenting on its consumer strategy, Hector Sants, FSA chief executive
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