I would think a financial literacy exam would be too much.
I think a large red disclaimer page that says in very simple language: "This contract is unregulated and may be a dangerous financial transaction. Do not proceed unless you know what you are doing" that must be signed should be sufficient.
Simpler, tightly regulated contracts, wouldn't require this disclosure. If implemented well, it should be like the warning page you get when a certificate doesn't validate. Rare and scary is the best way to warn a consumer that something worth paying attention to is happening.
I think a large red disclaimer page that says in very simple language: "This contract is unregulated and may be a dangerous financial transaction. Do not proceed unless you know what you are doing" that must be signed should be sufficient.
Simpler, tightly regulated contracts, wouldn't require this disclosure. If implemented well, it should be like the warning page you get when a certificate doesn't validate. Rare and scary is the best way to warn a consumer that something worth paying attention to is happening.