FSCP: Consumers won't understand complex products

An FSCP briefing paper on consumer responsibility rejects a notion in the Financial Serivces Bill that regulators should "have regard" for consumer responsibility for financial decisions. It consluded the "overwhelming advantage firms have in knowledge and understanding means it is essential for the regulator to ensure products and services do what consumers reasonably expect." Adam Phillips, chair of the FSCP, said it was often "impossible" for consumers to make reasoned decisions given the complexity of the market. "This is why the panel believes the new Financial Conduct Authori...