View the article online at http://citywire.co.uk/new-model-adviser/article/a633520
Advisers face 500 complaints over Ucis and film investments
by Alex Steger on Nov 12, 2012 at 07:49
Financial advisers could be hit with a hundreds of complaints over advice to invest in film schemes and unregulated collective investment schemes (Ucis), according to reports.
The Financial Times reported that nearly 500 investors were considering making a complaint against their adviser for allegedly mis-selling investments in film production companies and Ucis over the past decade.
The paper reported that unsophisticated investors had invested £2 billion of the £2.3 billion held in Ucis, and that the Financial Services Authority (FSA) estimated 114,000 out of 142,000 Ucis investors ‘may have been unlawfully promoted and/ or unsuitably recommended’ products.
Up to 3,000 firms marketed Ucis schemes, with almost four fifths breaching regulations when doing so, according to the FSA.
The FSA’s consultation on a clampdown of the sale of Ucis closes this week.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.