UK Financial Ombudsman rules against Meteor as structured product complaints fall
The UK's Financial Ombudsman Service has ordered Meteor Asset Management to pay out over three structured products backed by Lehman Brothers, including the Meteor Prima Growth Plan 7.
The UK Financial Ombudsman Service (FOS) has ruled that Meteor Asset Management should have informed its investors that Lehman Brothers' credit rating had fallen below the Standard & Poor's A+ grade that was specified in the contract marketing material for its Meteor Prima Growth Plan 7.
A total of £12 million had been invested in three Lehman-backed structured products including the Prima Plus Protected Plan and Prima Plus Plan 2 before the downgrade and information had been updated.
The ruling
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