As well as possible implications for Sipps providers, products such as more complex Enterprise Investment Schemes and Venture Capital Trust schemes may be covered under the scope of these rules, with the regulatory net thrown over a wider number of “non-mainstream pooled investments”.

So, what schemes come under the Ucis umbrella, should advisers avoid these products altogether (particularly with independence requirements under RDR), what should be done about existing Ucis investors, and what can advisers now recommend and to whom?

Answers provided by Judith Wright, compliance consultant at the Consulting Consortium, and Daniel Tunkel, financial regulation and funds partner at Howard Kennedy.