Compliance heads banned for failing to stem improper UCIS sales

John Leslie of advisory firm Leslie & Nuding (now Leslie & Swallow) and Jeffrey Bennett, of Burlington Associates, were fined by the regulator after they failed to warn their firms when advising clients to invest in three failing UCIS in 2005. The pair were responsible for overseeing the regulated activities of their firms and monitoring compliance. During 2005, Leslie & Nuding and Burlington assisted in the promotion of the UCIS to retail investors in the UK. More than 800 people invested around £30m in the three UCIS, which subsequently failed. After conducting full investigation...