UCIS: Eight mistakes advisers made in the past

During the past two years, the FSA has ramped up its pursuit of advisers mis-selling unregulated collective investment schemes (UCIS), issuing a grand total of 22 final notices. With the regulator stepping up its supervisory activity on UCIS, Professional Adviser, IFAonline's print title, highlights the key errors firms and individuals have made. Selling to vulnerable clients The FSA has made examples of firms that have mis-sold UCIS to elderly and vulnerable customers. One to feel the regulator’s wrath was Clark Rees, where a partner persuaded one customer who was nearing retiremen...