The Financial Ombudsman Service (FOS) has warned an increasing number of advised clients are reviewing their investments in unregulated collective investment schemes (UCIS) with a view to making a complaint.
The FOS said since the regulator moved to restrict UCIS sales to 'sophisticated' investors in June 2013, an increasing number of advised clients have sought to review their existing arrangements and question the advice they received. A "significant" number of these were from consumers who had invested in UCIS through self-invested personal pensions (SIPP), it said. The FOS warned that while someone may appear to be an experienced investor they still may not be eligible for such promotions. The Financial Conduct Authority last January banned the promotion of UCIS to all but experien...
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