I noticed in a presentation from April 2011 from one of the technical specialists from the FSA an intriguing piece of language regarding the trend of FSA regulation from "light touch" to "Intensive and Intrusive".
Today's detail on the whipping dished out to Norwich and Peterborough for misselling is a good example of that. They note in the summary that as far back as 2007 the N&P compliance department had warned on the selling of the product in question (having seen the geographical split of readers, you guys in Germany and the States will be familiar with death bonds, but this case is a beauty!).
I wondered why this wouldn't have been picked up aggresively in FSA site visits at the time, yet now a substantial fine is being applied as well as redress to affected customers - the acknowledgement of the regulator's shift in approach probably covers it.