The Financial Conduct Authority has confirmed its final rules on unregulated collective investment schemes have been delayed to allow the regulator extra time to “get it right”.
The regulator originally planned to publish its policy statement on Ucis and close substitutes in April but has pushed it back as it needs time to consider a number of “important issues”.
In a statement on its website the FCA says: “Further to discussions with stakeholders, there remain important issues for us to consider and our proposals were not submitted to the FCA board in April as originally planned.
“We are working towards publishing our final policy statement as soon as possible this year.”
The paper will outline if vehicles such as venture capital trusts, enterprise investment schemes and real estate investment trusts will fall under a ban on promoting Ucis products to ordinary retail investors.
The regulator considers Ucis to be too complex for the average retail investor and says they should only be promoted to more sophisticated investors.
The FCA says: “We remain committed to providing clarity for firms as soon as possible, but this is a complex area and it is important to allow the time to get it right.”