Ucis claims firm Rebus Investment Solutions has withdrawn misleading advertising on its website following complaints to the Advertising Standards Authority.
Money Marketing today revealed that Rebus employs banned adviser Richard Rhys, who was struck off by the FSA for Ucis misselling.
Rebus’ website claimed the Financial Ombudsman Service could enforce compensation payments above the £150,000 maximum limit.
It said: “[The Ombudsman] can also recommend a larger award beyond the £150,000 (which, according to FSA directives, your adviser will be obliged to pay).”
It has now removed the statement.
Another complaint was raised about Rebus’ claim that: “Our aim is to get your capital returned along with all professional costs you have incurred”. The complainant said it was not made clear that Rebus would not recover its own fees from the other party. The ASA has instructed Rebus to amend the promotion to include “as a result of your investment” in order to make this point clear.
A third complaint refered to Rebus’ claim that it aims to ensure that the FOS awards costs to complainants when it upholds cases. The ASA says it did not take action on this point because Rebus did not guarantee the costs.
A spokesperson for Rebus Investment Solutions says: “The ASA raised concerns regarding three sentences on our website which it felt might be misleading. After consulting with the ASA, we revised the content accordingly. We strive to ensure that all information on our website is clear, factually correct and not misleading in anyway.”