AIC lobbies regulator over VCT ban

The Association of Investment Companies (AIC) has backed industry calls for the FSA to relax planned rules restricting the sale of EIS and VCTs to retail investors.

An FSA consultation paper published in August outlined proposals to ban the promotion of unregulated collective investment schemes (UCIS) funds to ordinary retail investors in the UK. Although venture capital trusts (VCTs) were not specifically mentioned, investment trusts were granted an exemption, leaving VCTs and enterprise investment scheme (EIS) providers unsure if their products were included under the ban. Investment Week recently reported the British Private Equity and Venture Capital Association (BVCA) is lobbying the Treasury in a bid to get VCTs exempt from the FSA's upcomi...