The Financial Services Authority (FSA) has called for providers of finance products to carry out stress tests on them.
According to Dan Walters, director of conduct risk at the organisation, the features that could affect a product's performance should be examined, the Financial Times reported.
"This means being clear about what the product does, who it is for and certain key characteristics such as the nature and scale of risks presented," he said.
Mr Walters also asked firms to identify the type of customer that a product is appropriate or not appropriate for.
As a result of the growing importance of finance platforms for advisers, the regulator has revealed that it will examine their integrity and strength.
Changes to the financial services industry are also believed to be needed by Angus Tulloch, an investment manager at First State Investments, the Press Association reported.
In order to repair financial damage and address the issue of a lack of ethics in the sector, Mr Tulloch proposes that an ethical code should be used to provide guidance for the financial services industry.
