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Guide to FSA Ucis Ban Implications



    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.

    In this guide

      1. Which ‘close substitutes’ are also covered by the FSA’s Ucis ban?

      2. According to Ms Wright, what are the most common exemptions to the Ucis ban for retail investors?

      3. What does Mr Tunkel suggest might be an unintended consequence of the Ucis retail ban?

      4. Which product type does Mr Tunkel state could be included in the ban due to the FSA omitting it from its exemptions?

      5. What does Ms Wright advise that IFAs should do in relation to historical sales to retail investors?

      6. Where can clients complain to get compensation if an overseas Ucis fails

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