A document originating from the chief economist's department at the UK Financial Conduct Authority (FCA) claims to describe what buyers of financial products are really like.
The 71-page report is a catalogue of bad behaviour and poor character traits. Overconfident and in possession of limited attention spans, investors stumble through their decision-making and misjudge probabilities, mistakenly believing themselves to be shrewd consumers. Stress, anxiety and regret are their lot. It is no wond