UK FSA promises to take firms to task on Lehman structured products

"There is still much for us to do and we will be outlining some of the findings of the review next month in more detail, but I can confirm that we have found serious issues and will be taking action against firms," says Waters.

The one element that the FSA did confirm in the release was that it would take actions against firms on the basis of "serious issues". "In light of the progress we have made, we believe our regulatory action can now progress alongside the Ombudsman adjudicating on

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