FSA to review sales of UCIS in 2012

The Financial Services Authority (FSA) is to conduct a review into the sale of unregulated collective investment schemes (UCIS) early next year.

It will be published in the second quarter of 2012 and follows a series of concerns raised by the regulator and within the industry in recent months over the sale of the products. The minutes for the July meeting of the FSA board, where the review was confirmed, show there was concern about the current selling practices of UCIS and the descriptions of exemptions in the rules, and that this "could be made clearer". Board members were also keen to see the executive consider the categories of investors to whom UCIS funds could be promoted. Another key issue they wanted looked at was h...