I came across this latest study by BIS. The motive of the study is:
This report considers how supervisors and regulated firms across the banking, securities and insurance sectors deal with the risks posed by mis-selling of retail financial products, including related regulatory requirements, both with regard to disclosure of information to retail investors and requirements on firms to determine whether recommended investment products are suitable for such investors. A broad range of supervisors provided details of the regime in their respective countries. These supervisors included sector-based, functional regulators and integrated regulators. For the purposes of this report, we refer to an integrated regulator as one who regulates banking, insurance and securities activity.
Interesting. A quick snapshot tells me it is justa study of how the various financial firms in 11 countries serve their products. I don’t think there are any solutions to ease a particular constraint (high fees/ improper disclosures etc). Anyways, a step forward.