FSA bans compliance officer for UCIS failing

A compliance officer has received a partial prohibition from the Financial Services Authority (FSA) for failing to prevent unregulated collective investment scheme (UCIS) mis-selling by one of his firm's directors.

Anthony Adams's prohibition prevents him from performing any significant influence function other than as or through an appointed representative. He was hit with the order after failing to understand the requirements around the sales of UCIS by fellow MNFA Limited director Richard Rhys, who has already received a full prohibition. Rhys had marketed and promoted an environmentally beneficial plant (EBP) scheme without conducting the proper due diligence and therefore not realising it was a UCIS. Both were punished even though the scheme had not been described by the designer Scotts ...