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Lloyds and SocGen join structured product body

Lloyds Banking Group and Société Générale Corporate & Investment Banking have joined the UK Structured Products Association as members.

This brings the total membership to 10 organisations, including Citi, Credit Suisse, Legal & General, Morgan Stanley, Prudential, Royal Bank of Scotland, Santander and Skandia.

The UK Structured Products Association says: “We are delighted to have Lloyds Banking Group and Société Générale Corporate & Investment Banking join and we welcome their commitment to our central themes of informing and educating the investment community about structured products.”

Last week, the association sought to reassure investors’ concerns about the Isa eligibil-ity of kick-out structured products following the publication of HMRC’s Isa Bulletin 19 at the end of March.

It said: “The regulations regarding qualifying securities within stocks and shares Isas are familiar to all structured product providers. No amendments have been made to the rules and HMRC is simply requesting that Isa managers review their own products, as they would as part of routine communication with HMRC and the FSA.

“If HMRC has concerns about the ISA eligibility of some of these products then the association welcomes further clarity.”

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