“Investors have been left almost voiceless on major European rule changes because the regulators have left them off consultation panels, a lobby group has claimed.

“Europe’s three top regulators have thrashed out far-reaching rule changes including the clampdown on over-the-counter derivatives markets without proper input from consumers, it claims.

“The accusations are a fresh blow for fund manager watchdog the European Securities and Markets Authority (Esma), which has been dogged by claims it is woefully understaffed since it was launched in January 2011.

“The lobby group’s claims centre on the fact the regulators have added institutional representatives to their panels as ‘financial services users’. It is alleged that European rules call for ‘retail users’ of financial services to take these seats.”

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