The FSA is to begin taking action against firms over structured products backed by Lehman Brothers.
Almost a year on since the US investment bank collapsed, the FSA has released preliminary findings of its review of the affects on UK investors in structured products. The review examined promotional literature, quality of advice, sales systems and controls. Advisers, plan managers and providers could all face action by the FSA over what it describes as ‘serious issues'. The FSA says it has enough information to being taking action, and has also lifted its hold on individual adjudications of complaints by the Financial Ombudsman Services (FOS).
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