The FSA has fined Martin Rigney of Topps Rogers £117,330 and banned him from performing any function after he advised retail customers to invest in Ucis without assessing suitability.
The regulator says Rigney promoted and advised retail customers to invest in Ucis without assessing their eligibility to receive Ucis promotions or explaining why his recommendations were suitable.
It says as a result of his advice, customers invested a “substantial proportion” of their investment portfolios in “complex, high risk” products when they were unlikely to be suitable.
FSA director of enforcement and financial crime Tracey McDermott says Topps Rogers, which is now in liquidation, advised 94 customers to invest over £12m in Ucis.
She says: “Martin Rigney demonstrated a serious lack of competence by promoting complex, high risk products to his customers when they were clearly not right for his clients’ needs.
“He also acted without integrity by continuing to promote Ucis when he had no permission to do so, and arranging Ucis sales without his customers’ knowledge. His actions show a fundamental disregard for the interests of his customers.
“Under Rigney’s watch, Topps Rogers advised 94 customers to invest over £12m in Ucis. We have made our views on Ucis very clear: these high risk, complex products should not be promoted to the vast majority of retail investors in the UK. We will continue to take tough action against firms and senior management when they mis-sell these high risk products.”