Martin Wheatley, chief executive of the Financial Conduct Authority (FCA) believes the concept of caveat emptor in financial services in "hard to defend".
The new regulator's top boss is set to make the comments at a speech later today, his first major address since the FCA was launched. He thinks suggesting consumers are ultimately responsible for making poor decisions has its limitations. "‘Buyer beware' becomes hard to defend when unsophisticated customers are buying seriously complicated financial products, where the risk of failure is far more dangerous than a decision in the supermarket to buy three bananas instead of one. "There are questions that many investors simply will not ask because they are humans, not automatons," he ...
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