IMA's Jenkins takes on banks and structured products

Speaking at the FSA's Asset Management Conference held today, IMA chairman Robert Jenkins accused investment banks of creating and distributing retail structured products that are "deceptively simple in sales pitch but complex in construction". He added that these products carry issuer and liquidity risks and a level of costs that retail buyers may not fully understand. He continued: "This is an area largely free from regulatory oversight and competes directly with a highly regulated traditional investment industry where agency status is central, transparency of fees and holdings de rigu...