According to FSA, O’Donnell had not understood the regulatory restrictions on the promotion of UCIS and had even failed to promote UCIS compliantly.
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Moreover since P3 was a small independent financial advice firm which had O’Donnell as the sole director and the only approved person working, the FSA has cancelled P3’s permission also to carry on regulated activities.
Further, the FSA has found out that O’Donnell failed to assess whether non-mainstream investments were suitable for his clients and whether his clients were eligible to receive promotions for UCIS under the FSA’s restrictions.
In total, O’Donnell had advised 57 of his customers to invest in UCIS, 14 of whom had also invested in other non-mainstream investments.
Tom Spender, head of retail enforcement at the FSA, remarked "Such mis-advice cannot continue. UCIS and other non-mainstream investments are very often high risk, complex products, which are not appropriate for most retail investors. We will continue to intervene where we find mis-selling."
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