The Association of Independent Financial Advisers (AIFA) has called for members to provide evidence of the impact of the recent guidance issued by the Financial Services Authority (FSA) on structured products.

The guidance includes an FSA template for firms to use where they receive a complaint about a Lehmans linked product. It also dictates firms should also review the approach taken to all previous advised sales of any structured investment products.
AIFA intends to form a working group of interested members to discuss the major issues facing firms which will meet in December to focus on three key issues:

Robert Sinclair, director of AIFA, said: "We recognise the potential impact of the regulator's guidance on members and are calling on interested parties to provide us with feedback on this issue. We would also welcome members' participation in a working group set up to address the main concerns of firms. This will allow us to demonstrate to the regulator the affect this guidance will have on the advice profession.

"Some errors were made in the advice process that we must learn from. However, we have real concerns with some of the assumptions made in the recent guidance published by the regulator."

The Securities and Futures Commission is to close its own consultation paper on proposals to enhance protection for the investing public on 31 December. The paper contains a section of proposals on how to treat unlisted structured products during the sales process.