✓ Correct answer: A. Product intervention powersThe FCA may exercise its product intervention powers to restrict or ban financial promotions that it determines pose a risk of harm to consumers.
Why the other options are incorrect:
• Competition enforcement powers: Competition enforcement powers are held by the CMA, not the FCA, and are used to address market competition issues.
• Monetary policy directives: Monetary policy directives are issued by the Bank of England's Monetary Policy Committee, not the FCA.
• Prudential directives: Prudential directives are within the PRA's domain and relate to the financial soundness of firms, not consumer promotion rules.
• Taxation authority: The power to raise taxes and duties lies with HMRC and HM Treasury, not the FCA.
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Theory