The FSA is reconsidering whether VCTs, REITs and offshore investment companies should be included in the forthcoming sales ban on unregulated collective investment schemes (UCIS) to retail investors.
In August, an FSA consultation paper proposing to ban the sale of UCIS to ordinary investors did not explicitly rule out including these products, a move which alarmed the investment trust industry. However, David Geale, head of investment policy at the FSA, has now written to the Association of Investment Companies (AIC) to say the regulator is considering amending its proposals. The regulator is now considering exempting VCTs, real estate investment trusts, ETFs and relevant offshore investment trusts from the regulations. The FSA has already said UK-domiciled investment trusts w...
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