AUTH App 1.25 Advice must relate to an investment which is a security or contractually based investment
For the purposes of section 53 of the Regulated Activities Order, a security or relevant investment is any one of the following:1
- (1)
- (2)
- (3)
- (4)
- (5)
- (6)
- (7)
- (8)
- (9)
- (10)
- (11)
contracts of insurance;1
- (12)
funeral plan contracts (with effect from 1 January 2002);
- (13)
rights to or interests in such investments.
Article 53 does not apply to advice given on any of the following:
- (1)
deposit or other bank or building society accounts;
- (2)
interests under the trusts of an occupational pension scheme (but rights under an occupational pension scheme that is a stakeholder pension scheme will be securities).1
- (3)
mortgages or other loans; (but note that advising on regulated mortgage contracts is a separate regulated activity under Article 53A of the Regulated Activities Order - see the guidance in AUTH App 4 (Regulated activities connected with mortgages));1
- (4)
National Savings products;
- (5)
foreign exchange (or cash);
- (6)
commodities (for example, gold);
- (7)
real estate;
- (8)
any other physical property capable of having investment potential (for example, works of art, racehorses) unless investment is made through a collective investment scheme;
- (9)
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