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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.

IFPRU 125K firm

    124has the meaning in IFPRU 1.1.9 R (Types of investment firm: IFPRU 125K firm), which in summary is an IFPRU investment firm that satisfies the following conditions:

      1. (a) it does not deal on own account or underwrite issues of financial instruments on a firm commitment basis;
      1. (b) it holds clients' money or securities in relation to investment services it provides or is authorised to do so;
      1. (c) it offers one or more of certain specified services;
      1. (d) it is not a collective portfolio management investment firm; and
      1. (e) it does not operate a multilateral trading facility or an organised trading facility150.