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 On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

Eleanor Mahmoud goes clay shooting at the National Clay Shooting Centre with Sam Lansdowne from Thesis Asset Management

Play AA-rated Flood on gov't bonds: 'the maths doesn't add up'

AA-rated Flood on gov't bonds: 'the maths doesn't add up'

He also addresses why his Newton Multi-Asset Income fund has such a high cash weighting and why he sees renewables as such a good opportunity.

Play AAA-rated Ali: Identifying the peripheral European plays

AAA-rated Ali: Identifying the peripheral European plays

Citywire AAA-rated Tawhid Ali thinks that plenty of good stocks in the European periphery are being thrown out with the proverbial bath water.

Read More
Your Business: Cover Star Club

Profile: Brewin's Cardiff boss on the Welsh opportunity

Profile: Brewin's Cardiff boss on the Welsh opportunity

Prior to becoming head of Brewin Dolphin Cardiff, Welshman David Myrddin-Evans had only previously visited the city to watch the rugby.

Wealth Manager on Twitter