FCA hits London adviser with £350k fine for mis-selling UCIS

The Financial Conduct Authority (FCA) has fined the director of a London advice firm £350,000 and banned him from practising for mis-selling high risk unregulated collective investment schemes (UCIS).

Craig Cameron of Burlington Associates was found by the regulator to lack honesty and integrity in relation to the promotion of three UCIS to retail investors. Tracey McDermott, director of enforcement and financial crime at the FCA, said: "Cameron deliberately flouted regulatory requirements, which were designed to safeguard retail investors, in favour of selling high risk UCIS for potentially lucrative gains. "The UCIS have failed and the investors, many of whom should never have been exposed to these high risk investments in the first place, have paid a heavy price for his actions....