David's article neatly summarises the complex interplay in this study between the FCA's analysis of the weaknesses in this huge market and what it hopes will be remedies (often the further development of existing approaches).

His points about potential unworkability and perverse incentives are especially well made. In this context, it's telling that the FCA's plans to measure the remedies' effectiveness look tentative at best.

The interplay between these reforms and other regulatory changes - MiFID II, PRIIPS and SM&CR are mentioned (sorry for the acronyms) - will inevitably cloud the picture as well as make heads hurt.