Seven out of 10 U.K. brokers say the Financial Services Authority should have the power to ban retail products that it determines are detrimental to investors, according to a survey by Mortgage Solutions. The FSA currently does not have that authority, but the Financial Conduct Authority, one of the new agencies scheduled to replace it next year, will. Opponents of the banning power say companies could just circumvent it by tweaking their products slightly to make them conform, but then the regulator would have to expend significant time and resources to keep up with the changes.
