FCA has banned a director (Jeffrey Bennett) and a partner and compliance officer (John Leslie) at two different independent financial advisory firms (Burlington and Leslie & Nuding) and fined them £28,000 each for failing to identify that their firms were promoting unregulated collective investment schemes (UCIS) to ineligible retail investors. Mr. Bennett, who was responsible for management and compliance with regulations and for Burlington's appointed representative (AR) agreement, allowed another director (Director A) in Burlington to involve the firm in promoting and arranging investments in three UCIS. This was in breach of Burlington's AR agreement. Director A devised a process for selling the UCIS whereby Burlington appeared not to carry out any regulated activity, in order to circumvent statutory restrictions. Mr. Bennett failed to question the process and Burlington’s role, which went beyond a purely administrative function. Mr. Leslie, whose firm took responsibility for certifying interested investors' eligibility and for sending them the prospectuses, failed to check that prospectuses were issued only to investors who had certified themselves as eligible. (Source: FCA Bans and Fines Two for Failing to Monitor Promotion of UCIS)