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
Play French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Henderson Eurotrust's Stevenson: dealing with European cynicism

Henderson Eurotrust's Stevenson: dealing with European cynicism

Tim Stevenson talks about where he finds his opportunities in the current environment in Europe

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Read More
Wealth Manager on Twitter