The Financial Conduct Authority (FCA) has issued a consultation on the proposals for a new platform - the Private Intermittent Securities and Capital Exchange System (PISCES) - for investors to take stakes in private companies.

With many companies choosing to stay private for longer, there is increasing demand for investors to be able to trade shares in private companies more easily, the FCA said. There are also major concerns about the high number of delistings and low level of IPOs on the London Stock Exchange.