City watchdog gets banning power

AOL Money Staff
Martin Wheatley
Martin Wheatley

Risky financial products could be banned without consultation for up to 12 months under new powers due to be held by the City's incoming watchdog.

Martin Wheatley, head of the Financial Conduct Authority (FCA), said the new organisation will take "bold, firm" action and "will have a greater appetite to get things done".