Regulator should have power to ban retail products, say finance workers

The majority of financial services practitioners in the UK are in favour of giving the regulator the power to ban retail products should such a move be required.

According to the research from the Chartered Institute for Securities and Investment, 72 per cent of people with finance jobs in London and elsewhere in the UK agreed with this policy.

The news follows the publication of the Retail Distribution Review (RDR) by the Financial Services Authority (FSA).

While the majority of professionals backed the idea, 27 per cent revealed they were strongly in favour of it.

It is hoped that the RDR will help to modernise the finance industry and provide consumers with the trust and confidence in the market that they may be lacking.

Last month, the FSA published PS10/6, which contained details of its final policy on the matter, while it has also set rules on raising the professional standards of advisers.