Trade association PIMFA, which represents 1,000 investment managers and financial advisers, has expressed concern over what it called the “complexity” of MiFID II costs and charges.

The Financial Conduct Authority is proposing to ban most retail CFD and binary options investments to stop consumers losing up to £467m year.

The FCA has backed a Europe-wide ban from today on selling Contracts for Difference (CFDs) and other high risk investments to retail investors.

European regulators have banned retail investors from investing in binary options after nearly £60m was cheated from consumers in the UK alone.