DechertOnPoint: Product Intervention

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The Financial Services Authority (the “FSA”) published in late January this year a discussion paper (DP11/1) which contained a Foreword — unusually written by its Chairman Lord Adair Taylor —considering how the FSA (and its proposed successor body) will pursue its consumer protection objective and strategy. DP11/1 set out the FSA’s rationale for product intervention, and noted some related EU developments. The immediate reaction of some industry associations — for example, the Association of British Insurers (the “ABI”)—was to state that it opposed the development of new product intervention powers for the FSA and believed that the FSA should instead focus on a more effective, proactive and consistent use of its existing supervisory and enforcement rules.

In this DechertOnPoint, we analyse the FSA’s proposals, related EU developments and the industry reactions to date.

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