Mark Hoban, launching the simple products terms of reference (see below) spoke on the importance of simple products and of regulation. His speech included views on the proposed transfer of consumer credit regulation to the Financial Conduct Authority (FCA). Mr Hoban said this would bring not only greater scrutiny of firms applying for licences, but would also give a new range of regulatory powers over credit products, including product intervention powers. He also spoke of the Government’s initiatives to ban excessive surcharging and to make charging structures more transparent. (Source: Treasury Speaks on Products and Reform)