Losing lustre

Structured products

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Accumulators were seen as the perfect product when global equity markets were upbeat. So long as stock prices remained relatively stable, investors in these notes could buy shares at a discount to the market price, securing themselves a healthy profit. But when equity markets started to tumble earlier this year, those same investors - predominantly private banking clients - found out the hard way there is no such thing as a free lunch.

The terms of accumulator products mean investors are committ

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