Leading structured product providers and distributors have created the UK Structured Products Association in a bid to give a unified voice to an industry that has come under fire in recent years.
Citi, Credit Suisse, Legal & General, Morgan Stanley, Prudential, Royal Bank of Scotland, Santander and Skandia are the launch members of the organisation, which says its remit is to "inform and educate" the investment community.
It plans to achieve this by "offering independent commentary on a broad range of issues involving structured products and the role of structured products in an appropriately diversified investment portfolio."
Addressing any misunderstandings or misrepresentations of structured products is also part of its remit.
In addition, the association is creating an advisory committee made up of independent plan managers including Gilliat Financial Solutions, Jubilee Financial Products, Meteor Asset Management and Walker Crips Structured Investments.
Structured products have come in for strong criticism in recent years following the bankruptcy of Lehman Brothers and the decline of plan managers such as Keydata.
And a recent review of plans by the FSA highlighted failings in the marketing and selling of products.
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