FSA to clarify UCIS ban excludes VCTs, REITs

In August, an FSA consultation paper proposing to ban the sale of UCIS to 'ordinary' investors did not explicitly rule out including these products, a point highlighted with alarm by the investment trust industry. However, David Geale, head of investment policy at the FSA, has written to the Association of Investment Companies (AIC), suggesting the regulator will make it clear the products will not fall under the scope of the new rules. The regulator is considering exempting VCTs, REITs, exchange traded funds and relevant offshore investment trusts. The FSA has already said UK-domi...