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FCA issues first warning notice against adviser over Ucis

The FCA has issued its first warning notice against an adviser, for arranging unregulated collective investment schemes without the permission of its principal firm.

In a statement on its website today, the regulator says the individual, who has not been named, was a director of an appointed representative of an FCA-authorised firm.

The FCA says the individual deliberately promoted and arranged certain Ucis through his firm and in breach of its arrangement with its principal firm, which did not allow it to carry out Ucis business.

It says the individual recklessly devised a process for arranging Ucis that was likely to provide false assurance to customers that the firm’s involvement was authorised.

The FCA says the individual’s conduct demonstrates a lack of integrity.

The notice was issued to the individual on 24 March. Early warning notices are not the final decision of the FCA and those affected can appeal to the Regulatory Decisions Committee before action is taken.


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