The FCA dramatically announced yesterday that it would ban minibonds from being marketed to retail investors for a period of 12 months, starting on 1 January.
In addition, all marketing material approved by an authorised firm will have to declare any commissions paid to third parties (something we've already seen from Blackmore and The Capital Bridge in recent months).
During the temporary 12 month ban, the FCA will consult on more permanent measures.
What exactly this is supposed to achieve is difficult to see, until you remember that a decision on who will replace Mark Carney as the UK's top economic panjandrum is expected any day now. Former bookies' favourite Andrew Bailey is badly in need of something that makes it look like he has a grip. This is something.