The Financial Conduct Authority (FCA) has launched a call for input to help shape its work on improving the consumer investment market.
The feedback obtained by the regulator will shape the FCA's work in the coming years on improving the consumer investment market.
The FCA is looking at areas it believes the consumer investment market is not working well.
As part of the call for input, it is asking the following questions:
• What more can we do to help the market offer a range of products that meet straightforward investment needs?
• How can we better ensure that those who have the financial resources to accept the risks of higher risk investments can do so if they wish, but in a way that ensures they understand the risk they are taking?
• How can we use the regulation of financial promotions to make it easier for people to understand the level of regulatory protections afforded to them when they invest?
• What more can we do to ensure that when people lose money because of an act or omission of a regulated firm, they are appropriately compensated and that it is paid for fairly by those who cause the loss?
• How can people be better protected from scams?
• How do we help this market to be competitive, with firms striving to offer better products and services?
FCA interim chief executive Christopher Woolard said: "The consumer investment market is not working as well as it should. There have been too many scams and scandals and too often consumers are offered unsuitable products or advice. As a result, many consumers lack confidence in the investment market.
"This call for input is aiming to help shape the future of consumer investments, including regulation, to ensure consumers can have faith in the market."
Open Money founder Anthony Morrow was less enthused by the questions posed by the FCA. He said: "All of those questions have, in one way or another, been asked before, and we are still where we are.
"Perhaps reign in the ambitious and deliver something."
Respondents have until 15 December to get back to the FCA with feedback.
This article first appeared on our sister title Professional Adviser