Two directors fined over UCIS failings

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The Financial Services Authority (FSA) has taken enforcement action against two directors of Perspective Financial Management for failures in relation to the promotion of unregulated collective investment schemes (UCIS).

Anthony Smith and Timothy Langman, who were also responsible for failures in relation to pension switching advice, have been fined £16,000 and £10,500 respectively, and prohibited from any senior management role in relation to UCIS. They have also been prohibited from advising on UCIS. The FSA has already taken action against PFM for shortcomings in the way that it monitored pension switching advice, resulting in customers' receiving unsuitable advice. For these failings the FSA fined the firm £49,000 in February 2011. The FSA found that Smith, the director responsible for complian...

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