Speaking at a Money Marketing structured products round table, Novia chief executive officer Bill Vasilieff disputed Hargreaves’ view that structured products had not “delivered the goods”.
He said: “If delivering the goods is delivering what you said you would I think they have, so I do not see where that comment comes from.
“He seems to be alluding to the fact that you get more with equities from not having a guarantee. But that does not address the point that people are willing to give up some return for a guarantee.”
Barclays Wealth managing director Colin Dickie said: “It has ignored the good experience clients have had from structures by and large. In this environment there is something pleasing about getting money back when the alternative would have been to lose it which is the reality, particularly if you are putting money on a fund platform that is going to be equity-based.”
But Helm Godfrey managing director Bruce Wilson said: “I support Peter’s view but not whole-heartedly. My challenge is that these things are sold, they are not advised primarily.
“It is all about the guarantee and if the guarantee stands, that is great, but a lot of the products are triggered on events happening. However, you cannot just ban them they have their place.”
Lowes Financial Management managing director Ian Lowes said: “I have an immense amount of respect for Peter Hargreaves but I think in this respect he is stuck in the past.”