FCA announces plan to boost investor confidence — Scam Guards
There are nearly 8.6 million consumers holding more than £10,000 of investible assets in cash.
The Financial Conduct Authority has outlined a new strategy aimed at giving consumers the confidence to invest.
The consumer investments market in the United Kingdom accounts for £1.6 trillion through the services of over 6,000 wealth managers, advisors, and investment platforms.
The financial watchdog’s assessment is that while most of this market meets consumers’ needs, there are some areas where harm is occurring and the goal is to reduce the number of people being scammed or persuaded to invest in products too risky for their needs.
The FCA has thus established key metrics that the agency aims to achieve by 2025. These are:
– Reduce by 20% the number of consumers who could benefit from investment earnings but are missing out. There are nearly 8.6m consumers holding more than £10,000 of investible assets in cash.
– Halve the number…