FSA crackdown on Ucis to hit private wealth management hardest
The potential ban on the sale of unregulated collective investment schemes to retail will also reduce the range of investments in the private wealth sector, say industry participants
The UK Financial Services Authority's (FSA) draft of new regulations preventing unregulated collective investment schemes (Ucis) being marketed to retail investors will have most impact on the UK private wealth management sector, according to market participants.
"Unregulated collective investment schemes should not generally be marketed to retail investors," says Linda Woodall, head of investment intermediaries at the FSA in London. "They can be sold in the UK in certain circumstances, but
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