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Hopes for Euro move on equal footing with bonds

Blue Sky Asset Management is hoping that the European Commission will create a level playing field between the governance of structured deposits and other bond-based structured products in its forthcoming review.

Product development director Mark Dickson said he expects EU regulatory changes to focus on substitute retail investment products. He said: “It is presumably going to try to ensure structured deposits are marketed and promoted in the same way as other structured investments and we would generally welcome that because they are the same product. We still are guessing what the legislation might be but I would not be surprised if this is the attempted outcome.”

Dickson said the firm uses the same marketing and disclosure standards when issuing deposits and bonds as they are economically the same product.

He said: “We expect something to happen. Hopefully, it will raise the level of disclosure to that offered in bond-based products. It is a very technical point that deposits are outside Mifid but why not treat them as if they fall inside the directive and then everybody understands?”

He said regulatory harmonisation in this area would be positive even though several firms were already using the same standards for both products.

Dickson said: “Anything that forces providers that only do deposits to come into line with the best practice in the bond-backed universe is a good thing.”


Treasury compiles regulatory dossier

The Treasury is to release a white paper this month drawing together recommendations made for regulatory reform in the Turner review, the G20 and other bodies of work.

Fortis may look at link-up ventures

Fortis Life UK is looking to team up with other distribution companies to launch protection plans following its initiative with Lifesearch.

Fees frame

Paying for performance is under increased scrutiny as fund management houses look to justify fund charges in light of steep losses felt by investors. While top-performing funds may be able to command or maintain a higher charge, the pressure on fees will be felt on those which have underperformed. With equity markets still struggling to advance significantly, this trend is likely to accelerate.

Tension attention

Brokers, networks and homebuyers have used the hiatus in mortgage activity to strengthen their position and gain competitive advantage. Major players that want to succeed have focused on getting match-fit for the new season and are waiting for the signal that the game is about to start.


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