Investment firm partners fined 28k for UCIS advice failings

Paul Clark was fined £10,500 and Ceri Rees was fined £17,500 for failing to ensure Clark Rees made suitable recommendations to its customers regarding Unregulated Collective Investment Schemes (UCIS). The FSA says both partners failed to make themselves aware of the statutory requirements and restrictions on the promotion of UCIS and consequently promoted the investment to ordinary retail customers. UCIS cannot be promoted to retail investors unless they meet specific exemptions - for example, if the customer can be shown to be a sophisticated or high net worth investor. In all, 11...