The Joint Associations Committee on Retail Structured Products (JAC), has responded to the matters raised by the UK Financial Conduct Authority (FCA) in its TR 15/2: Structured Products: Thematic Review of Product Development and Governance . Each firm is unique in terms of the composition of its product universe; its geographical manufacturing and/or distribution presence and its assessment of risk in the context of consumer outcomes, said Tim Hailes ( pictured ), chairman of the JAC, in a let