Lehman Brothers - FSA to take action - Which? News: "Dan Waters, retail policy director at the FSA, said: 'This is a hugely complex area and during our review we have looked at promotional literature, clarity of information, quality of advice, sales systems and controls, involving plan managers, providers and advisers.'"
FSA action over Lehman-backed structured products
So let me get this right the FSA is to retrospectively take action against those firms that sold Lehman-backed structured products.
Meanwhile the same FSA failed to regulate monitor or issue risk warnings about Lehman-backed structured products! Is the regulator the problem or the solution? Is this not like a drug agency failing to ensure the safety of Thalidomide before its launch, taking action against the pharmacists and doctors who dispensed the drug! My view would be that the Lehman-backed structured products should never have made it to the market and past the regulators – isn’t this what regulation should be all about?
Regards
SIMON MANSELL
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