Jubilee withdraws plan after FSA review

Jubilee Financial Products has cancelled the Early Redemption Plan Issue 4 after it failed to meet with new FSA guidelines.

The new guidance from the regulator, published on 27 October, requires structured products managers or issuers to ensure they have a full prospectus approved by the FSA. While Jubilee says future products will be fully compliant with the rules, the current plan can not be made complaint within the required time frame. The firm will be refunding client money immediately, while it will launch a replacement product as soon as possible.