Wealth managers ordered to review complex ETPs as market soars

Firms selling products at the complex end of the exchange traded products (ETPs) market are instructed by the FCA to review their procedures after it found "unclear disclosures" and other issues in an examination of practices by a range of wealth managers of different sizes.

By Neasa MacErlean

Described as "a small but growing segment of the wider ETP market", this sector grew 23 per cent in terms of customers in the year to July 2025, and in December 2025 three of the top ten most traded ETPs on the London Stock Exchange fell into the 'Complex ETP' category, according to the FCA's new guide on ' good practice and areas for improvement'.