The FCA’s new private stock market Pisces comes into force today, but Carrie Osmon warns the framework risks fanning the flames of FOMO investing

Today, the regulations governing the Private Intermittent Securities and Capital Exchange System – or Pisces to use its snappier title – come into force. The idea is that in the future there will be regulated markets that allow companies to unlock liquidity without having to go through the process of an IPO. So far so good. But while the initiative seems great on the surface, there’s a real risk of these markets exacerbating a trend for FOMO (fear of missing out) investing that has been escalating over recent years.

As humans, we’re all guilty of acting on FOMO one way or another and investors are no exception. Wework famously became a unicorn only three years into operations, with its valuation mounting to a $47bn peak in 2019. Just four years........

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