The Financial Conduct Authority (FCA) is inviting investors in the EEA Life Settlements fund who bought directly or via a financial adviser to consider making a complaint as it believes some are "likely to have been mis-sold the product".
The regulator is also asking advisers to review their sales of the fund, an unregulated collective investment scheme comprised of traded life insurance policies (TLPIs), and make client redress where appropriate. Advisers were asked to review all sales of TLPIs by the then-Financial Services Authority (FSA) in 2012. That request followed a review of TLPI sales which revealed "high levels" of unsuitable advice. As a result, the FSA recommended the products should not reach ordinary retail investors in the UK and, in January this year, its successor the FCA banned the promotion of TLPIs...
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