Also, public authorities and market participants should thoroughly review existing incentives in the financial industry at large, to find ways to prevent the accumulation of excessive risks. An additional area of policy intervention that is becoming as important as the regulation and supervision of markets and intermediaries is financial literacy.
As individuals become increasingly responsible for their retirement income and the allocation of wealth, so their financial needs are becoming increasingly complex. The financial industry is responding with a wide range of instruments, many of them complex as well.