Barclays has called on the Government and Financial Conduct Authority (FCA) to fix investors’ “decision paralysis” through deregulation.
How to invest money ranks as the second hardest decision in a person’s life, only behind whether to buy a house, according to fresh research from the bank.
As the FCA, in a joint venture with the Government, considers proposals for the Advice Guidance Boundary Review to close the “advice gap” around investing, Barclays has called for simplification.
The biggest barriers to investing, according to the survey’s 2,000 respondents, were a lack of knowledge, at 44 per cent, and fear of losing money, at 41 per cent.
In light of the results, the FTSE 100 giant said it was “reiterating” its five public policy recommendations to “close the UK’s investment gap and empower savers”.
Amidst Chancellor Rachel Reeves’ mission to “cut the red tape” and trigger economic growth, Barclays stated investment woes are “exacerbated by current industry regulation”.
It said regulatory changes by the Government would “enable firms to suggest investment actions to customers with large cash balances, based on ‘people like you’ personas”.
Sasha Wiggins, chief executive of the bank’s private arm, told City AM: “At Barclays, we are supportive of a UK regulatory framework that protects investors while also ensuring accessible entry-points and clear, actionable guidance to make investing more inclusive.
“Today, many firms that want to deliver more targeted support to would-be investors are restricted in the level of guidance they can give.
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