FSA prohibits adviser for UCIS failings

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The FSA has prohibited a former financial adviser from performing any regulated activities for failings related to unregulated collective investment schemes (UCIS).

The FSA said Richard Francis Rhys, a former director at MNFA Limited, marketed and promoted a UCIS without conducting the proper due diligence expected of IFAs. This resulted in him concluding the scheme was not a UCIS, leading to a failure to comply with the statutory and regulatory standards applicable to their promotion. It added: "On 27 July 2012 the FSA prohibited Mr Rhys from performing any function in relation to any regulated activity carried on by any authorised person, exempt person, or exempt professional firm on the grounds that he is not a fit and proper person in that he...

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