The Financial Services Authority (FSA should ditch its plan to restrict the sale of some venture capital trusts (VCTs and enterprise investment schemes (EIS, the Association of Investment Companies (AIC has urged.
As revealed by Wealth Manager earlier this month, the FSA has firmed up its plan to ban the distribution of some investment companies to retail investors.
However, the AIC has warned the watchdog’s proposals are far too restrictive, as wealth advisers will not be able to recommend VCTs and some other non-UK domiciled investment company shares, including companies with private equity, property and other portfolios of alternative assets.
Moreover, restricting the sale of some investment companies will not eradicate the problems the FSA is really concerned about, the AIC said.
‘It has set out rules which will affect many products which do not create the problems the FSA is concerned with,’ Ian Sayers, director general of the AIC, warned.
‘At the same time, the rules would not affect the distribution of other products, including certain Ucits, which might be problematic when sold inappropriately to an ordinary consumer,’ Sayers (pictured added.
‘The major cause of the consumer problems identified by the FSA has been sales to retail investors where advisers were inappropriately incentivised by commission or did not understand the products they were selling. This should be tackled by embedding the distribution reforms envisaged by the retail distribution review.
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