Three adviser firms in trouble over Lehman struc prods - FSA

Other firms who advised on the products have been ordered to review past business and pay redress to consumers where appropriate. The findings have been published in an FSA paper today outlining the findings of its review of advice on Lehman-backed structured products and the "standards it expects all firms to meet". The FSA reviewed 157 sales at 11 firms and found 46% were 'unsuitable', 23% 'unclear' and only 31% 'suitable'. It says it identified "significant" levels of unsuitable advice within nine of the 11 firms. Exposing consumers to an "inappropriate" level of risk was cite...