Helm Godfrey has been ordered to conduct a past business review of Ucis sales carried out between 2007 and 2010 due to concerns about the advice given.
The firm says a section 166 skilled person report is being prepared for the FCA.
Helm Godfrey says it is talks with the individual adviser involved in the sales.
Chief executive Graham Cross says the firm has revised its procedures around Ucis advice.
He says: “We deeply regret any lapse in standards of compliance with the rules about sales of Ucis. We have thoroughly revised our processes and systems in the three years since the issue became apparent and our due diligence is now among the most robust in the advisory marketplace.
”Helm Godfrey has an excellent record of looking after its clients and we are able and willing to make good any customer detriment that is identified. We believe the business is strongly placed to succeed in the post-RDR environment.”