Derek Bradley, CEO of PanaceaIFA responds to the FCA’s new power to ban products for a year:

“This is a strong signal to IFAs and the markets that the FCA intends to take a tough stance from outset.

“However, instead of the power to ban products without consultation, the FCA should concentrate on licensing products as fit for purpose before branding them as ‘toxic’ in hindsight. By ensuring financial products are pre-approved, the FCA will demonstrate responsibility showing that they have, to quote Warren Buffett, ‘some skin in the game’.

“The FCA must work hard to lose the reputation of blame and retribution they will inherit from the FSA. They must take responsibility for their actions”.

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