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Article: The sour taste of Lehman.
- Article from:
- Money Marketing
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The FSA is to embark on a wide-reaching review into the structured product market after uncovering significant advice failings in nine of the 11 advice firms sampled in its probe into Lehman-backed plans.
Three of the firms are facing enforcement for giving unsuitable advice and the FSA is instructing other advisers it looked at to review past sales of Lehman-backed structured products and to pay redress where appropriate.
It is instructing the biggest sellers/advisers to conduct wider reviews of all structured product sales and consider redress and a different sales/advice approach if appropriate. Over 2010, it will undertake follow-up assessments ...