Jon Dean: MIstiFIeD clients? When disclosure reduces transparency

Skim through any paper from the Financial Conduct Authority (FCA) addressing consumer detriment and you will find one word pops up many times: ‘engagement'. Low take-up of the annuities open market option; poor price competition in the asset management industry; weak demand for financial advice - all stem at least partly from a lack of consumer engagement, argues the FCA. February's discussion paper Effective competition in non-workplace pensions chalks up 19 mentions of the ‘e' word. Regulators traditionally tackle competition issues by imposing greater disclosure requirements on fir...