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Jubilee retracts structured claim

Jubilee Financial Products has issued an apology to three structured product providers for circulating a market rumour it now acknowledges to be untrue.

Jubilee was threatened with legal action after an email containing rumours about the firms was sent to a small number of IFAs.

Jubilee says an internal email had gone “astray” and it had no intention of spreading misinformation about the firms.

It issued a retraction on September 16 after receiving a letter from one of the firm’s solicitors. Head of UK distribution Ian Millward says: “We will rectify our mistake and apologise for any damage done.”

All three of the firms named in the email referred the communication to their solicitors and one is still considering legal action. One of the firms says: “We are still pursuing matters, it is still with our lawyers.”

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