David Geale, head of investment policy at the FSA, told a global gathering of Financial Planners in Wales today that the new Financial Conduct Authority would be more interventionist and ban products where consumers were at risk.
Mr Geale, speaking at the Financial Planning Standards Board meeting at the Celtic Manor Resort in Wales, said there would be a step change between the FSA and the FCA and a chance for firms to start afresh. The FCA will take over from the FSA on 1 April 2013, he said.
Mr Geale said that the FCA would be more "interventionist", using its stronger powers to temporarily ban products for up to 12 months where it was concerned about consumer detriment. It would also use its powers to ban misleading promotions "without consultation".
Mr Geale said the FSA had beens more evidence-based in its approach and needed firm evidence before it acted.

In contrast, the FCA will keep a closer eye on emerging problems, for example by monitoring Twitter and other social media more closely for complaints about a particular firm or product and then acting to "shut the gate before the horst has bolted."
He said: "The FSA wanted firm evidence before acting. The FCA is going to act more on what it sees happening at the time and that's quite a significant change."
The FCA will place consumer protection and "consumer outcomes" at "the heart of its aims and will be less "firm focused" than the FSA, he said.
Turning to the RDR, he said that one of its aims was to increase professionalism in the provision of financial advice.
The RDR will also focus on how well qualified the financial adviser is to give advice to ensure high quality advice is given to everyone whether they receive independent or restricted advice.
Perhaps the most controversial element he said was the lack of grandfathering and this was done because long years of giving advice did not guarantee high quality advice.
Mr Geale said one important part of the RDR changes was consumer education.
He said the FSA recognised the major changes the industry was undergoing and said there had been positive comments from advisers initially reluctant to take new exams who had found new study had refreshed them and given them "the bug" to study further.
He added: "We should recognise the huge amount of work done by advisers."
Mr Geale said that the FSA would monitor the changeover to RDR closely in 2013 and there would be "low tolerance" around lack of professional qualifications and any efforts to get round the commission ban.