FCA to probe banks' 'novel, complex and untested' products

In a paper out today the FCA has banned the sale and marketing of unregulated collective investment schemes (UCIS) to ordinary retail investors. Elsewhere in the paper, the regulator said it plans a further consultation into some products being created by banks and building societies to boost their capital to meet the new prudential requirements. The amounts banks and building societies are looking to raise suggest that these firms may consider offering these "novel, complex and untested financial instruments", not only to institutional investors, but also to ordinary retail investors...