FSA curb on investments could cut SMEs’ funds

"Someone can invest £3,000 in a VCT for very sensible reasons – like wanting a
long-term investment and tax relief – and not be sophisticated. I'm
effectively spending £250,000 on paperwork to set up a VCT and I'm only
doing that because I want to involve ‘unsophisticated' investors."

He said the regulator "has to be careful they don't restrict the ability to
invest [solely] to the rich". "In VCTs, the risks are well highlighted," he
added.

VCTs are investment trusts that invest in unquoted shares, usually in private
companies although they can include some Aim and Plus market shares. The FSA
plans to include them and EIS funds in its forthcoming guidance on so-called
"unregulated collective investments".

Tim Smith, an accountant at Baker Tilly, said: "There are serious concerns
[that if VCTs and EIS funds] are not specifically excluded [from the
guidance] it will significantly reduce this vital source of funding for SME
companies, at a time when obtaining external funding, including bank
finance, is still extremely challenging.

"Support to help SMEs develop and grow is crucial to the future of our
economy. "

The FSA noted that it is consulting on the plans and welcomes responses, and
said the proposals do not seek to ban retail sales but "only limit the
extent to which firms may promote these products".

Companies and investors have until November 14 to respond to the authority's
proposals.

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