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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

retail investment product

      1. 85(a) a life policy; or
      1. (b) a unit; or
      1. (c) a stakeholder pension scheme (including a group stakeholder pension scheme)86; or
      1. (d) a personal pension scheme (including a group personal pension scheme)86; or
      1. (e) an interest in an investment trust savings scheme; or
      1. (f) a security in an investment trust; or
      1. (g) any other designated investment which offers exposure to underlying financial assets, in a packaged form which modifies that exposure when compared with a direct holding in the financial asset; or
      1. (h) a structured capital-at-risk product;

    whether or not any of (a) to (h) are held within an ISA or a CTF.

    [Note: Section 238 of the Act and COBS 4.12.3 R set out restrictions on the promotion of non-mainstream pooled investments to retail clients. See also COBS 9.3.5 G and COBS 9A.2.22G172

    (Non-mainstream pooled investments).]208