Dan Walters has spoken on developments in the regulation of retail structured products. He noted the views FSA expressed in the Financial Risk Outlook that investors may see what they believe are guaranteed capital products and view them as safe and attractive. They may not appreciate the costs involved and the strength (or weakness of any capital guarantee). FSA has looked at the effects of the Lehmans collapse on investors who took certain products and is working with CESR on its initiative to regulate in a similar way products with similar effects. He also discussed the current debate on regulation of structured deposits. He noted various arguments for treating these products as investments rather than deposits. At the moment, FSA is looking to improve the consumer experience by paying closer attention to financial promotions of these products. Longer-term, Treasury would have to decide whether to bring advice on structured products within the RAO regime similar to traditional investment products.