The FSA is under pressure from advisers to explain how they can become better qualified to recommend unregulated collective investment schemes (UCIS), and avoid falling foul of the regulator's rules on their use.
Advisers are frustrated by the FSA's lack of clarity on the issue, after mixed messages from the regulator's enforcement arm, the Regulatory Decisions Committee (RDC), and its head of conduct and risk, Roy Percival. Rising numbers of complaints by investors and their advisers to the Financial Ombudsman Service over allegedly mis-sold UCIS have prompted the RDC to consider tighter qualifications requirements for those who advise on the vehicles, according to the minutes of its June meeting. However Percival, who faced a barrage of questions from advisers confused over what they need to...
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