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Opinion split on axing products

The regulator is committed to banning products or certain product features where it bel-ieves it is likely they will cause significant consumer detriment.

The power to ban products was one of the more controversial proposals contained within the FSA’s product intervention discussion paper. Respondents to the paper were divided on the idea of banning products, with consumer organisations in fav-our but industry associations and firms split on the proposal.

The FSA says: “In our DP, we suggested that banning products or mandating or banning product features and exclusions should be considered where products have the potential to cause significant detriment or where product features are causing detriment. We continue to hold this opinion.

“We consider that by intervening earlier in the value chain, the regulator will be able to prevent consumer detriment before it crystallises or limit it rather than seeking redress after the detriment has taken place.”

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