Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Advisers face 500 complaints over Ucis and film investments

Advisers face 500 complaints over Ucis and film investments

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter