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FSA widens structured products probe

Source: Reuters - Tue 27th Oct 2009

The nation's Financial Services Authority widened a probe into aggressive selling of structured products, urging all big providers to examine their practices and pay compensation where needed.

The FSA also referred three advice firms that had sold structured products backed by failed investment bank Lehman Brothers to enforcement, it said Tuesday.

"The FSA found significant advice failings on Lehman-backed products in most of the financial advice firms sampled, as well as serious deficiencies in the marketing literature" the regulator said in a statement.

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