The Financial Services Authority (FSA) must issue a consultation paper on advisers' use of unregulated collective investment schemes (UCIS) as a matter of urgency, according to financial services consultancy Aim Two Three.
The regulator has previously said an upcoming consultation on rules for UCIS is likely to state the products will be suitable for "very few" retail clients. But Aim Two Three argues that, if that is the FSA's position, UCIS should be removed from the regulator's list of retail investment products (RIPs). As part of new rules set to be introduced next year following the Retail Distribution Review (RDR), the FSA has made it clear that any firm wishing to hold itself out as independent must be prepared to provide advice on all types of RIP that may be suitable for their clients. Aim T...
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