Regulators may have to increase oversight of more complex financial products if banks don’t clamp down on improper sales practices, the head of the Financial Industry Regulatory Authority said. “If the industry and regulators are unable to demonstrate the ability to control sales practice abuses related to these complex products through appropriate supervisory controls and oversight then, in my opinion, some form of product approval may become inevitable,” Richard Ketchum, chairman and chief executive officer of Finra, said today at a forum held by the Securities Industry and Financial Markets Association in New York. More on Bloomberg Businessweek here.
