Courtiers: UCIS ban is the one FSA move that will save people money

In a consultation paper published in August, the regulator said it wants the promotion of UCIS to be generally restricted to 'sophisticated' investors and high net worth individuals for whom the products are more likely to be suitable. Current rules allow UCIS to be promoted to ordinary retail investors if an adviser first assesses the product's suitability. However, the FSA said its own review suggested only one in every four advised sales of UCIS to retail customers was suitable, taking into account the customer's needs and requirements. Gary Reynolds, chief investment officer at Co...