broker fund

48(in relation to a fund for which the firm is or will be a broker fund adviser):

1. (a) an actual or notional fund of a long-term insurer or overseas long-term insurer, which contains or will contain contributions made or to be made by a client or clients of a firm in connection with a life policy or policies;
2. (b) a fund of a collective investment scheme, which contains or will contain cash contributions made or to be made by a client or clients of a firm in connection with the purchase of units in the scheme.