With its increased focus on enforcement, the Financial Services Authority (FSA) has recently taken action against a number of firms for breaching the rules and legislation relating to promoting and advising on unregulated collective investment schemes (UCIS). This article outlines the approach being taken by the FSA in this respect and considers what lessons may be learnt from the FSA's actions.
Summary of the Regulatory Position of UCIS
Background to the FSA's Approach to UCIS
Recent FSA Enforcement Action
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