From futures to subprime sandwiches, structured products are coming to an end.
Most of the world follows the lead the UK's Financial Services Authority takes. It is true. Given London (although when Scotland goes independent watch its rise to become the number 1 financial center in the world) is the world's number 1 financial center, it is no wonder all those wannabees have copied the FSA handbook verbatim. The FSA jumps and other countries follow.
One thing the FSA has always hated is the selling of structured products. The new FCA replacement of the FSA will, we are led to believe, rubber stamp all new products. That means every new bank account, mortgage and fund launched will have to be given FCA approval. The stopping of Life Policy trading is the first step (telegraph) and more will follow.
The FCA believes all retail customers are vulnerable and should never buy anything more than an old fashioned current account and ISA.
Singapore, HK, Frankfurt, Edinburgh and New York are rubbing their hands.
Bye bye London (he says sitting by a swimming pool somewhere hot).
EU shows countries how to grow (reuters)
HSBC readies to leave UK (reuters)
The Museum of Structured Products to be opened in Detroit.