The Financial Services Authority is investigating the websites of 11 firms selling venture capital trusts, claiming that the sites fail to fully explain the risks to investors, according to a report in the Financial Times.
Some of the sites also fail to make clear that the investments must be held for the full three-year period to qualify for tax relief, or that the investment is in small unquoted companies.
In some cases the risks of venture capital trusts were adequately described but hidden in the small print.
Most sites failed to mention the long-term nature of the products, and did not adequately explain the difficulty and restrictions involved.
The sites also failed to indicate likely charges on these investments or hid this information in the small print.
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