Few consumers think the Financial Services Authority (FSA) is doing a good job, research from the Association of British Insurers (ABI) suggests.
A survey of more than 3,700 members of the public found only 7% felt the regulator had done a good job at looking after the interests of consumers.
Almost half (46%) thought the FSA was not doing a good job, while 18% said it is neither doing a good or bad job.
A fifth (19%) said they could not tell either way, because they did not know what would represent a good or bad job.
Another question in the ABI's Quarterly Consumer Survey (Q3) attempted to find out whether respondents were aware at all of which body regulates financial services.
Given a range of other options to choose from, including the 'Fiscal Standards Agency' and 'Funding Sector Authority', only 46% of people within the three lowest socio-economic groups correctly identified the Financial Services Authority. Among those in the three so-called highest groups, recognition rose to 65%.
The results prompted the ABI to call for the FSA's successor, the Financial Conduct Authority (FCA), to do more to reach out to consumers.
It said: "FCA regulation needs to reflect and understand the diversity of needs within the whole society that it serves.
"It should invest in innovative research, involvement and outreach activities to ensure that it has a rounded understanding of the expectations, behaviour and experience of different groups of consumers."