The Financial Services Authority is planning to take a more active role in the future over the development of new product design projects that require heavy public financial investment.

The Financial Services Authority is the governing body for the financial sector. Although they have had their hands full with dealing with the list of things that have evolved since the start of the global credit crunch and bankers scandal, and although they normally take a very back seat when it comes to matters that fall outside their realm, it appears that the increase in new product design projects has caused the agency to get involved.

Lord Turner who is the FSA Chairman expressed his concern at how product design issues in the past had been dealt with. “We’ve had a whole series of customer complaints and lots of settlements and money paid out. That isn’t good for consumers or the industry.”