IFA petitions FCA for total ban on UCIS

The regulator has already banned the sale and marketing of UCIS to 'unsophisticated' retail investors, a move it took in June 2013, after its predecessor the Financial Services Authority found only one in every four advised sales of UCIS to retail customers was suitable and that many promotions breached its marketing restrictions. Now Julie McIntosh of Scotland-based Solicitors Financial Services wants the FCA to go further, and not allow UCIS to be bought or sold by anyone, even if they meet the criteria of a sophisticated investor. "There are a huge number of people in the country w...