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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 4.12B217 set out restrictions on the promotion of non-mass market investments to retail clients. See also COBS 9.3.5G and COBS 9A.2.22G172 (Investments subject to restrictions on retail distribution217).]