The Economic Secretary to the Treasury has confirmed that the Financial Conduct Authority (FCA) is working towards publishing its final policy statement on the results of last August’s consultation on proposed restrictions to the marketing of unregulated collective investment schemes (UCIS) and close substitutes in June 2013.

The FCA had previously published a statement indicating that it was delaying publication to ensure further consideration of a number of important issues, given the complexity of the area. Sajid Javid MP has now indicated that the FCA is minded to exclude venture capital trusts from the restrictions on promotion being proposed. The written answer was provided to the House of Commons on 16 May 2013 (p.95).