Ya, I think a financial literacy test could be appropriate, although that's not my preferred solution. I'd prefer it all be mediated by civil law. That is, everyone is free to do what they will: create financial products, purchase financial products. But the court system would intervene in cases of clear deceit, or manipulation of naivete (obviously there's some subjectivity here, but I think that's ok).

I lean the same way, though the critics do have a point and I could see compromising on it.