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FCA issues first warning notice against adviser over Ucis

Director of AR acted recklessly in promoting Ucis, says FCA

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

This is the regulator’s first warning notice against an advice firm.

In a statement, the FCA 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 in breach of its arrangement with the principal firm, which did not allow it to carry out Ucis business. It says the person 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.

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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