The FSA has fined one IFA firm and censured another for advice failings on unregulated collective investment schemes (UCIS) and geared traded endowment polices (GTEPs).
Specialist Solutions was fined £35,000 for failing to adequately assess customers were eligible to receive UCIS promotions and not ensuring they were given suitable advice to invest in them. The FSA says it uncovered the issues with Specialist Solutions as part of its thematic review into the promotion of UCIS in 2010. In October 2010 the FSA ordered the firm to appoint a skilled person to review promotions and advice given to customers to invest in UCIS in 2008 and 2009. The firm recommended UCIS to 101 customers who invested a total of over £11m in one or more of the three UCIS f...
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