The Financial Services Authority (FSA) has warned providers are still using confusion around independence requirements to promote unregulated collective investment schemes (UCIS) to advisers.
The regulator this week sent letters to UCIS providers as part of its work towards creating new rules around sale of the products. Linda Woodall, head of the Investment Intermediaries department at the FSA, explained how some businesses were taking advantage of the confusion around the need for independent advisers to be 'whole-of-market'. "It has come to our attention that some UCIS providers are suggesting to distributor firms operating in the general retail market that they must consider and/or recommend UCIS to their clients in order to demonstrate that they offer independent advi...
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