Investment advisers punished for lack of UCIS knowledge

Two directors who controlled advisory firm Best Advice Financial Planning have been on the receiving end of Financial Services Authority (FSA) action, investors undertaking trader training have learned.

Paul Banfield and Anthony Moss, whose firm was dissolved on July 20th 2011, were held responsible for a lack of control over the guidance given to customers regarding unregulated collective investment schemes (UCISs).

FSA head of retail enforcement Tom Spender highlighted how this form of product is rarely a wise choice for retail investors and urged other companies to reassess the advice given to customers on the topic.

"We want firms to read the details of this case along with the findings of our review and other recent publications on UCIS and learn from them," he said.

The organisation also recently fined Willis Limited nearly £6.9 million for issues relating to bribery and corruption. It is the biggest fine of its type ever handed out by the FSA.

Posted by Clive Arneil