Banned adviser warns of UCIS 'arms race'

Richard Rhys, who now works at claims management firm Rebus Investments helping advisers and investors who have advised on or been mis-sold UCIS, said a number of UCIS schemes that originally had closing dates for entry in March-2013 have switched them to close before the start of January, when the RDR rules banning commission come into force. "It is an arms race to sell as much of this product [UCIS] as possible before RDR and to take the commission. "There is a significant push to sell UCIS ahead of the implementation of the RDR, and investors will be rushed into them," he said. ...