UCIS

Investors in failed fund Connaught who are trying to claw back some of their losses must wait longer in limbo as the regulator admits it has still not brokered a deal to secure them redress.

The Serious Fraud Office is investigating an allegation of fraud against a number of investment funds operated by Stirling Mortimer Global Property fund.

The number of complaints from self-invested personal pension (SIPP) savers dealt with by the financial Ombudsman rose almost 50% last year, with most gripes linked to recommendations to invest in unregulated investment schemes, according to a report....

PROPERTY

GOSLING'S GROUSE

The Association of Investment Companies (AIC) is putting together a list of shares and securities independent advisers can continue to recommend after restrictions on their use of higher-risk unregulated investments come into force next year.

The restructure of the suspended EEA Life Settlements fund has been delayed until the regulator receives the company's delayed audited accounts for 2012.

REGULATION

The Financial Conduct Authority (FCA) has banned and imposed fines of £28,000 each on two individuals for failings related to the sales of unregulated collective investment schemes (UCIS) to some 800 investors.

The chairman of the suspended EEA Life Settlements fund has written to investors after its auditors said the fund is worth $100m less than the value stated in the company's annual update.