Companies selling tracker bond investments should be obliged to show clearly the benefits, risks and features of each offering, including sales commissions, in a standardised industry-wide form, according to the Consumers' Association of Ireland (CAI).

The consumer body has indicated that its investigation of the wholesale market indicated that Irish retailers were typically taking 4 to 8 per cent in non-disclosed fees and commissions.

The association was responding to the consultation paper issued by the Irish Financial Services Regulatory Authority (IFSRA) on the marketing and sale of tracker bonds, a type of investment product that usually promises to give investors their capital back.

Financial institutions, insurance companies and asset managers have frequently been accused of misleading marketing in connection with the bonds, which often have a complex list of terms and conditions that may limit the likelihood of gaining the "headline" rates of returns advertised.

Financial watchdog IFSRA received 10 submissions from interested parties, including banks, actuaries and groups representing brokers, by the deadline two weeks ago.

The Professional Insurance Brokers' Association (PIBA) said it would like misleading statements associated with the marketing of trackers such as "no entry, exit or management charges" banned.

Small print on the trackers should be shown in "plain English", according to PIBA.

Some respondents, including the Ombudsman for Credit Institutions and the Society of Actuaries in Ireland, said products should not be marketed as "guaranteed" in cases where the "guarantee" is provided by a third party.

The Society of Actuaries also said that statements such as "returns of up to 100 per cent" should be banned where such returns were extremely unlikely.