Fit to fly and safe to eat, so why not good to buy?

Last year, the FSA decided not to license or pre-approve financial services products. Chris Pond, head of consumer affairs at the FSA, maintains that ‘product pre-approval would have proved problematic’ and that ‘we have stepped away from the idea of saying we will approve products in advance because we do not have the resources.’ Consumer detriment has become more and more acute over the years. This has been perpetuated by regulators noting flaws in product design or marketing but, frustratingly, only taking action after 
the event. Regulation should be about being smart before the e...