LONDON, Jan 25 (Reuters) - Bans on some retail financial products could be introduced in Britain as part of a "radical rethink" of consumer protection, the head of the country's financial regulator was quoted as saying on Tuesday.
Adair Turner, chairman of the Financial Services Authority, told the Financial Times that the regulator planned to impose fresh rules on the market, including the possible imposition of fee caps.
"The way we do things now is not good," Turner said.
"We may have to put what is expected into rules to make it easier for us to say what is not (acceptable)."
The Conservative-led coalition plans abolish the FSA in favour of a new system of financial supervision which will include the creation of a separate consumer protection and markets authority (CPMA).
The CPMA could be empowered to set maximum prices for particular services, require or ban particular features in complex products, or mandate risk warnings on some offerings, Turner was quoted as saying.
"This is a radical shift. We've made part of the shift already... but now we are asking how radical we should be."
(Reporting by Karolina Tagaris; Editing by Peter Graff)