Financial watchdogs get new powers

Financial watchdogs get new powers | Business | The Guardian: "Investors and consumers will be given greater protection by new financial watchdogs which will have the power to ban retail products and reveal pending enforcement actions against banks and brokers.

The tougher regulatory system will come into force late next year when the Financial Services Authority is broken into three new bodies – a consumer champion and two other regulators that will monitor the banking system and insurers.

The Consumer Protection and Markets Authority will be renamed the Financial Conduct Authority and have the power to ban products or limit their sale for up to 12 months, Mark Hoban, the financial secretary to the Treasury, told the Financial Times."

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