Treasury proposal could lead to mis-selling, warns panel

The Panel's warning comes in a response to a Treasury consultation, which suggests consumers who see themselves as high-net-worth or sophisticated investors should be able to invest in unlisted companies without any regulated advice. While there will be investors who are competent to make their own investment decisions without the backing of any advice, the Panel is concerned there will be many who are classified as either 'high net worth' or 'sophisticated' without being able to do so. For example, the Panel says, many Britons could today be defined as high net worth clients - having...