U.K. FCA Bans Marketing of Some Complex Products to Consumers
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The U.K. securities regulator is banning the marketing of complex investment products involving assets such as wine, crops and timber to most retail investors after consumers lost “substantial amounts” of money.
The sale of the Unregulated Collective Investment Schemes, or UCIS, and several similar products will be limited to high-net-worth individuals and sophisticated investors, the Financial Conduct Authority said in an e-mailed statement today. The move follows an FCA review of UCIS sales where it found only one in four sales to retail consumers was suitable.