Too often consumers receive lower returns than they should because of unsuitable products with high fees.

This is the view of the FCA which said that in a complex and diverse market with more than 5,000 advice firms and over 27,000 advisers, it’s essential that consumers have confidence in the suitability of advice they receive.

For this reason, reducing harm in the consumer investments market has been identified as a priority in the FCA’s 2020/21 Business Plan.

Areas that will be addressed include helping the market offer a range of products that meet straight forward investment needs. Also the body will look at how it can 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.

The FCA’s Interim Chief Executive, Christopher Woolard, said in a statement: “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.

“We’ll be considering all contributions carefully as we open this debate on the future of the consumer investment market.”