Fewer than one-in-three UK consumers are aware of the existence of the FSA, whilst two-in-five do not even know financial regulation exists at all, according to FSA research.
FSA Consumer Research paper 29 published this week suggests the regulator is losing the battle for hearts and minds.
It also suggests the regulator's strides to increase consumer awareness by adding to the regulatory burden is bearing no fruit.
Just 30% of consumers say they are aware the FSA exists.
But it gets worse: more than half these people - some 16% of the total sample - had to be "prompted" before they were able to give the correct answer.
Thus just 14%, or about one-in-seven were able to recognise the FSA unpromted.
People who own products subject to FSA conduct of business rules seem to be slightly more knowledgeable.
Three-in-five people with an equity ISA, unit trust or PEP are aware of the FSA, the research suggests.
However, only half of those with personal pensions could identify the regulator.
Most worryingly, the FSA research also shows 37% of UK consumers are completely unaware there is any type of financial regulation in Britain.
While the majority of people who say they are unaware of any financial regulation do not have any financial products, one-in-seven do, and have have made investments in equity ISAs, unit trusts or PEPs.
The FSA says people's confidence in the financial regulatory regime is still very high, with 61% of people aware of the FSA being confident.
Bizarrely, some 52% of those who did not know about the regulator's existence still say they are confident in the regime.
The research has also examined consumers' understanding of risk.
Most people seem to understand investing in equities and the stock market comes with a higher risk attached to it compared to putting money into a savings account, the FSA says.
However, the FSA still believes consumers could do with some increased awareness as 17% of all equity ISA holders see their products as 'low risk'.IFAonline
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