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Importantly, we think that professional advisers should be more carefully considering the ‘operational risk’ of structured products, in terms of identifying and assessing the strength of the plan manager and their administration and custody arrangements.
To our minds, operational risk is the 3rd key risk of structured products, in addition to the 2 risks which professional advisers are more aware of: 1) credit / counterparty risk; and 2) market risk. We would suggest that regulatory expectations are clear on this point – PROD (3.3.11(3)) states:
‘… distributors [e.g., professional advisers] should consider the impact that the selection of a manufacturer [e.g., plan managers, who are ‘co-manufacturers’] could have on clients, in terms of various factors, including the financial strength of the manufacturer’.
Tempo Structured Products is part of the Alpha Real Capital family of companies.
… and from Alpha’s fundamental interest to ‘do the right things’
Headline financials for Alpha Real Capital, which sits at the heart of Alpha, are:
The full annual reports and financial statements for Alpha Real Capital LLP, for the last 5 years, can be accessed below:
|ANNUAL REPORTS AND FINANCIAL STATEMENTS|