Warning FCA has set sights on adviser EIS due diligence

Kuber Ventures chief executive Dermot Campbell said some advisers are relying on specialist research to do their due diligence for them, risking failings in their suitability checks of the products. For instance, they rely on ratings produced by Martin Churchill's Tax Efficient Review, which reviews and ranks all new Venture Capital Trusts (VCT) and EISs, without doing much further work, Campbell said. He suggested one reason was advisers were not educated on the products well enough. Financial Conduct Authority (FCA) rules stipulate advisers need to be confident when using tools t...