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FSA defers Ombudsman decision on Lehman-backed structured products

The Ombudsman has agreed to defer its consideration of complaints relating to Lehmans-backed structured products by a further three months, following a request from the FSA.

The regulator had committed to updating the Ombudsman three months into its review of the products and says although it has completed several elements of its work the delay will allow it to explore all options to achieve the best outcome for consumers.

In May, the FSA and Ombudsman agreed that the issues relating to Lehmans-backed structured products should be considered under the “wider Implications” process.

The FSA has been conducting a review of the marketing literature for Lehman-backed structured products and is in the process of evaluating the findings.

It says a further priority is to prepare for an assessment of the quality of advice for these products and that an analysis of the wider market for structured products in the UK will feed into the overall review.

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  1. It’s a disgrace
    Nearly a year on and the FSA can not make a decision.

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