With space at a premium at DWF’s impressive offices on 31st floor of the City’s Walkie Talkie building, 52 financial advisers and wealth managers gathered for updates and insights on Venture Capital Trusts (VCTs) from nine impressive speakers.

Representing the AIC, PwC, Octopus Investments, DWF LLP, Unicorn Asset Management, Triple Point, PUMA Investments, The Timebank and St. James’s Place, speakers gave provider and practitioner views on themes ranging from the regulatory outlook for VCTs to client suitability reports and AIM listed VCTs to Limited Life.

For those unable to attend this fascinating Masterclass, here are some of the things we learned:

1. 2015 has been a record year for VCTs, with Ian Sayers from the AIC updating us on the sector’s impact, fundraising and performance – an all-time high of £240m paid out in dividends.
2. European State Aid approval due in late summer, possibly later. Originally scheduled for a decision in late summer, it looks as though we will be waiting longer for a response from the European Commission. Chris Moakes of PwC gave us tips for the interim period, and suggested following the current EU guidelines – or transactions may have tax relief withdrawn if changes are not approved.
3. The importance of looking “under the bonnet” of a VCT, and evaluating whether the companies held in a VCT are suitable for their investment targets. Diana French of Octopus Investments pointed out that advisers should carry out due diligence not only on the VCT product, but the underlying companies it will be investing in to see if their targets are realistic.
4. The regulatory requirements for listing a VCT was detailed by Will Bateman of DWF, giving advisers a better look into the increased responsibility product providers have to take when structuring a VCT and how this is an advantage for advisers when looking at financial promotions of VCTs.
5. The ability to rapidly invest in a known investment universe is a clear advantage for AIM VCTs but Chris Hutchinson of Unicorn Asset Management emphasised that these companies should be evaluated for their investment potential, not just their tax reliefs.
6. 39 VCTs were fundraising last year. Advisers need to be able to narrow down the growing choice by evaluating the three main types of VCTs and looking at their advantages and disadvantages to source suitable investments for their clients.
7. A concern for most VCT investors is liquidity. Eliot Kaye of PUMA Investments talked us through how limited life VCTs aim to provide investors with a defined exit strategy.
8. Suitability reports are the headache of the majority of advisers. By remembering that it is the file, not the report that needs to be suitable, advisers can make their suitability reports more interesting and reduce the risk of alienating their clients.

Video interviews with all of the speakers will be available from Wednesday 8 July, but in the meantime you can view a short film of highlights from the day.