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The UKSPA responds to FCA Chief Executive's comments on Structured Products.

The UK Structured Products Association ('UKSPA') notes the comments made in a recent speech by the chief executive of the Financial Conduct Authority, Martin Wheatley. Whilst the UKSPA strongly disagrees that "structured products" are like "spread bets on steroids", it also believes that many of the comments have been taken out of context and somewhat sensationalised in the press. We will be engaging with the regulator directly regarding our concerns regarding Mr Wheatley's comments and also to offer to work with them to ensure the FCA fully understand structured products and the benefits that they can bring retail investors.

Much of Mr Wheatley's speech focused on sensible and considered objectives for the FCA, and the unnecessary press focus on structured products serves to obscure the serious messages which the public and the markets need to hear.

The structured products industry in the UK has worked hard to review and improve its practices in recent years, working with the FSA to continually improve consumer outcomes. We welcome working with the new FCA to help this on-going process of improvement and cooperation.

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Representing the collective interests of leading structured product manufacturers in the UK

The UK Structured Products Association ('UKSPA') is a membership organisation established by the leading manufacturers of structured products in the UK. UKSPA provides a unified voice for its members, working with regulators, financial advisers and other trade bodies. It serves a number of important functions, including engaging with regulators, developing best practice guidelines, educating the investment community and providing a useful source of information for manufacturers, financial advisers and retail investors within the UK.

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