FCA could look to Consob for probability test

The UK regulator's decision to fine Credit Suisse and Yorkshire Building Society for failings when selling structured products has left confusion about the role of backtesting in product promotion. Might Consob have the answer?

Richard Jory
Richard Jory, Structured Products editor

Grannies are back in fashion, particularly if they are Italian.

In April 2009, flummoxed by how to present a structured product in an easily understood way, Italian regulator Consob stepped up to the plate with its Quaderni di Finanza, a set of recommendations designed to enable retail investors to make informed decisions.

Bothered by regular newspaper headlines featuring the words 'derivatives', 'scandal' and 'Italy', as well as the mis-selling of structured products to the elderly, at the

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