Lord Turner calls for debate on higher FCA costs
Lord Turner, chairman of the Financial Services Authority, has called on parliament to give the Financial Conduct Authority (FCA) “the powers and teeth to act early to intervene and prevent customer detriment from occurring”.
In a speech at Mansion House on 20 October he set out how the new authorities would undertake their roles and the powers they would need to deliver their objectives.
On the FCA Lord Turner said: "In financial services the potential for the customer to be ripped off is simply far greater than in other sectors of the economy - and the consequences potentially more significant."
He cited the powers to demand changes in product terms and to ban products as being required along with strengthened
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