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UK watchdogs to increase firepower

Thursday 17 February 2011 - by Will Henley

New financial watchdogs slated for creation in the UK will have the ability to warn investors about upcoming enforcement actions and ban retail products from the market.

Under the plans, the Consumer Protection and Markets Authority - now to be renamed the Financial Conduct Authority - will have the power to ban or limit distribution for as much as a year.

Mark Hoban, Financial Secretary to the Treasury, laid out the government's agenda for the new bodies in an interview with the Financial Times.

"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," Hoban told the paper.

It was revealed earlier this month that Martin Wheatley, head of the Hong Kong Securities and Futures Commission, will take over as the new head of the CPMA, now to be known as the FCA.


The FCA is expected to be established by the end of 2012. In the meantime, Wheatley will head up the Consumer and Markets Business Unit at the FSA from September 2011.


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