What is a UCIS and why were they mis-sold?

A Unregulated Collective Investment Scheme (UCIS) is a pooled investment outside FCA regulation. Promoting a UCIS to a general retail client is illegal under section 238 of FSMA 2000. The FOS upholds 77% of UCIS complaints. Source: FCA; FOS Annual Report 2024/25.

UCIS Claims

Unregulated Collective Investment Scheme (UCIS) Claims — Were You Sold an Investment Outside FCA Protection?

Forestry, overseas property, green energy and storage UCIS were mis-sold to thousands of retail investors. If a regulated adviser placed you into one, you likely have a claim.

Check My Claim — Free Do I Qualify?

£85,000

Maximum FSCS compensation per claim

s.238 FSMA

Promotion to retail clients generally illegal

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Do I Have a Claim?

Signs You May Have Been Mis-sold a UCIS

You may have a strong case if any of the following apply:

You invested in a fund, scheme, or product described as 'unregulated' or outside UK regulatory protection
You were advised by an IFA or financial adviser to make the investment
The investment was held within a SIPP
You were contacted by a cold caller or introducer before being put in touch with an adviser
The scheme promised unusually high returns (8%+ per year)
You have lost some or all of your investment
You were not certified as a sophisticated or high-net-worth investor
No FCA protection was clearly explained to you

What Happened

An Unregulated Collective Investment Scheme (UCIS) is any pooled investment vehicle that is not authorised by the FCA. Investors' money is pooled and managed collectively but without the protections that apply to FCA-regulated funds. Crucially, it is illegal under the Financial Services and Markets Act 2000 (s.238) to promote a UCIS to a general retail client. Despite this prohibition, thousands of retail investors were mis-sold UCIS between 2010 and 2020, often through their SIPPs.

Why You May Be Owed Compensation

Promoting or advising on a UCIS to an ordinary retail client is a clear breach of FSMA 2000 s.238 and FCA Conduct of Business rules. Liability sits with the adviser firm, its PI insurer, or — where the firm has failed — the FSCS. Many of the largest UCIS schemes have ended in fraud convictions and FSCS payouts.

Who Is Liable?

Depending on your situation, you may have a claim against:

FCA-regulated IFA — Advisers who recommended the UCIS in breach of suitability and promotion rules — claim against the firm and its PI insurer.
SIPP operator — Where the UCIS was held inside a SIPP, the operator may be liable as 'gatekeeper' for accepting non-standard assets.
FSCS — Where the adviser firm has failed, the Financial Services Compensation Scheme covers eligible claims up to £85,000.

Recent UCIS Claims Cases

Ethical Forestry (Costa Rica)

FSCS estimated £50m payout. Returns never materialised.

Global Forestry Investments

£24m invested. Founders Andrew Skeene and Omari Bowers convicted of fraud June 2022, sentenced to 11 years each.

Sustainable AgroEnergy (Cambodia)

£23m invested. Founder Stuart Stone convicted, sentenced to 6 years in 2014.

Axiom Legal Financing Fund

£120m invested. Founder Timothy Schools convicted, sentenced to 14 years in 2022.

The Resort Group (Cape Verde)

Estimated 2,000–4,000 SIPP investors. Illiquid overseas property; claims flowing through SIPP operator defaults.

Harlequin Property (Caribbean)

8,000+ investors. £400m invested. David Ames convicted of fraud 2022, sentenced to 12 years.

How to Claim

1. Free Claim Check

Tell us about your investment in 60 seconds. We confirm if you have a claim.

2. We Investigate

We gather the evidence, file with the FOS, FSCS or adviser. No paperwork for you.

3. You Get Paid

Compensation paid directly. No Win, No Fee — we only charge if you win.

UCIS Claims – Frequently Asked Questions

What is a UCIS?

An Unregulated Collective Investment Scheme — a pooled investment fund that is not authorised by the FCA and not covered by the same investor protections as regulated funds.

How do I know if my investment was a UCIS?

Common indicators include literature mentioning 'sophisticated investor' or 'self-certified high-net-worth', offshore structures, or assets like forestry, overseas property, green energy, or storage.

What if I signed a 'sophisticated investor' declaration?

Signing such a declaration does not defeat your claim if the adviser knew or should have known you were not genuinely sophisticated or high-net-worth.

Are care home and storage pod investments UCIS?

Often yes — and they are some of the most commonly mis-sold UCIS-style products, frequently held inside SIPPs.

Will I get all my money back?

Compensation is capped at £85,000 via the FSCS, but can be uncapped where pursued against an adviser firm's PI insurer.

How quickly should I act?

Standard limitation is 6 years from advice or 3 years from awareness of loss. Don't delay — gather what you have and we'll do the rest.

Further reading. Read our in-depth UCIS Mis-selling Guide 2026. See also our full guides on time limits for mis-selling claims, how compensation is calculated, and what evidence helps your claim. Not sure which route applies? Compare the FSCS and the Financial Ombudsman, estimate your compensation, or read how No Win No Fee works.

Explore the Knowledge Hub

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Not sure whether you are still in time? Check if you can still claim — the 6-year limit is not always the end of it.

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