Bankhall, support provider to a network of independent financial advisors in the U.K., is calling for the setup of an industry body to promote structured products. Speaking at the conference, Jonathan Whitham, research and development manager, said a professional body representing structured product providers could help IFAs get to grips with the products and would boost sales.
Whitham quoted one IFA who rang Bankhall's help desk as saying, "These products all seem so complicated and there are so many to choose from...I don't think I'll bother." An industry body would be able to establish links with other organizations, such as the Institute of Actuaries, and would work to ensure IFAs and investors understand how structured products work.
In the U.S. the Structured Products Association plays this role. "They have seen the need for this," said Whitham, adding, "It's just a question of who will do this in the U.K."
