Jubilee withdraws structured plan following FSA review
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Jubilee Financial Products has cancelled the early redemption plan issue 4, after reviewing FSA guidance on treating customers fairly published last month.
The new guidance published on October 27 outlines that it expects providers of structured products to provide, or ensure that the issuer provides, a full prospectus approved by the FSA (or another regulator in an EU/EEA member state).
The firm says: “Whilst future Jubilee FP products will be fully compliant with prospectus rules, the current plan cannot be made compliant within the required time frame.”
Jubilee will be refunding client money immediately, and will be launching a replacement product as soon as possible.
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