Response to FCA discussion paper on consumer access to investments

10 Mar 2026

Liz Cole, Head of Policy - The Investor Relations Society

Consultation Responses 14.0 Retail IR

The Society responded to the FCA’s DP25/3 on expanding consumer access to investments, highlighting issuer‑side perspectives on retail engagement.

The Society supports the FCA’s aim of helping consumers understand long‑term investing and the differences between high‑risk unlisted opportunities and regulated listed markets. While retail investors form a meaningful and growing part of UK capital markets, issuers report that engaging with them can be resource‑intensive, with challenges including the volume of holders and the spread of misinformation. Our Membership Survey shows varying levels of retail significance across indices and increasing use of digital tools to engage retail investors.

Read the full response here.