£117,330 penalty and ban over unscrupulous UCIS sales

Martin Rigney, the partner and only adviser at Sheffield-based Topps Rogers, has been fined £117,330 by the FSA and banned from the industry. He has shown a serious lack of both integrity and competence, the regulator said, in promoting UCIS (unregulated collective investment schemes) to retail customers without assessing their eligibility and explaining why his recommendations were suitable. He even arranged a UCIS transaction after his firm had lost permission to do so.