New broker regulator name changed to FCA

mark hoban mp

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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