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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/watchdogs-get-tough-new-powers.jpg"><img class="alignnone size-full" title="Mark Hoban said a planned consumer champion and two other financial regulators would be strengthened" src="http://londonglossy.com/wp-content/uploads/2011/02/min-watchdogs-get-tough-new-powers.jpg" alt="Mark Hoban said a planned consumer champion and two other financial regulators would be strengthened"/></a></p>
<p>The UK&#8217;s new financial watchdogs are to get powers to ban retail products and warn investors about pending enforcement actions.</p>
<p>Financial secretary to the Treasury Mark Hoban said a planned consumer champion and two other regulators would be strengthened when the Financial Services Authority was broken up next year.</p>
<p>The Consumer Protection and Markets Authority &#8211; to be renamed the Financial Conduct Authority (FCA) &#8211; will be able to ban products or limit their distribution for up to 12 months.</p>
<p>The FCA will also be able to reveal its intention to penalise banks, brokers and individuals pre-emptively &#8211; before the target can present its case to an internal appeal body.</p>
<p>&#8220;It is a radical reform but the lesson of the financial crisis is that you need to have proper focus and clear mandates and the mandates need to be underpinned by the powers to do the job,&#8221; Mr Hoban told the Financial Times.</p>
<p>The body will also be tasked to foster competition to improve market efficiency and consumer confidence.</p>
<p>Internal competition inquiries have traditionally been the exclusive realm of the Office of Fair Trading but the Treasury is said to be considering giving the FCA joint jurisdiction.</p>
<p>The coalition is also unveiling its plans for the Prudential Regulatory Authority (PRA) and the Financial Policy Committee, both housed in the Bank of England.</p>
<p>The PRA will regulate individual banks and insurers.</p>
<p>Made up of regulators, central bankers and external experts, the FPC will try to head off credit bubbles and systemic risks. It will be led by Bank governor Mervyn King and the four external members will be named this morning. As well as risk, the FPC will be mandated to consider the effect of its regulatory policies on long-term economic growth.</p>
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