Revealed: The strong-arm tactics of UCIS salesmen

Laura Miller
clock

IFAs have been warned of sales practices by some providers of unregulated collective investment schemes (UCIS) who are wrongly telling advisers they must recommend their products to remain independent.

Tony Sanchez, director at alternative investment consultants Clara Capital, said providers have started telling IFAs unless they recommend their schemes the FSA will consider them restricted post RDR. Philippa Gee, principal of Philippa Gee Wealth Management, said a sales representative pitched her a UCIS invested in bridging loan finance recently using this tactic. She said he told her the widened definition of whole of market post-2012 means she must include the high-risk schemes in all fact-finds. But FSA policy paper 10/6 Distribution of retail investments states if a firm conclud...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA360: Check out the photo gallery from our 2024 conference

PA360: Check out the photo gallery from our 2024 conference

Our flagship conference took place last week at 133 Houndsditch in London

Professional Adviser
clock 30 April 2024 • 1 min read
Clients regret not working with an adviser sooner

Clients regret not working with an adviser sooner

Around 46% started using an adviser when they were 40 or older

Isabel Baxter
clock 30 April 2024 • 2 min read
St James's Place client funds reach £179bn due to investment returns

St James's Place client funds reach £179bn due to investment returns

Client funds reach record £179bn in first quarter of the year

Sahar Nazir
clock 30 April 2024 • 1 min read