Network's ultimatum to IFAs: Pass our UCIS test or go restricted

Carmen Reichman
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A network is planning to test its independent advisers' knowledge on unregulated collective investment schemes (UCIS), and if they fail, will ask them to become restricted.

Financial Ltd will write to IFA members who did not attend a recent training session on UCIS it was hosting - and where attendees were tested on their knowledge - to ask them to complete its the training and take a test. If they don't pass, their independent status is in jeopardy. Financial Conduct Authority (FCA) rules stipulate independent advisers have to be able to advise on high risk investment products to maintain their status, even if it is unlikely they are suitable for their clients. Financial Ltd was subjected to a landmark recruitment ban by the regulator in July after t...

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