McFall told the BBC’s Working Lunch that he is writing to the FSA to request an investigation into Lehmans-backed products that clients believed were “100 per cent” secure.
McFall said the way these products were sold by banks and advisers was “scandalous”.
He said: “I think people have been misled and I would like the FSA to look into it urgently.”
Lowes Financial Management managing director Ian Lowes says: “We welcome the regulation and it helps to clean up the industry but it’s unfortunate that yet again we’re going to have to regulate by the lowest common denominator. There are those of us who do the best by our clients but everyone is going to have to pay the price because of the bad egg.”