IMA urges FSA to regulate structured deposits

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The IMA is calling for the FSA to regulate structured deposits and their distribution to customers.

Responding to the FSA's consultation paper, Regulating retail banking conduct of business, the IMA says it supports a new framework to regulate the way banks treat their customers. However, the association is concerned the draft rules do not consider more complex products such as structured deposits. IMA chief executive Dick Saunders says: "Products such as structured deposits are marketed as equivalent to investment funds; therefore there should be a level playing field, both from a consumer protection and a competition viewpoint." He adds there should be identical rules for their ...

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