TCFD product

108any of the following:

1. (1) an authorised fund, but:
   1. (a) excluding an authorised fund which is a feeder UCITS or a feeder AIF; and
   2. (b) where the authorised fund is an umbrella scheme, each sub-fund of the umbrella is considered to be a TCFD product;
2. (2) in relation to an insurance-based investment product, personal pension scheme, stakeholder pension scheme or SIPP provided or operated by an insurer or pure reinsurer:
   1. (a) with-profits fund;
   2. (b) linked fund; or
   3. (c) a pre-set investment portfolio;
3. (3) in relation to a personal pension scheme, stakeholder pension scheme or SIPP operated by a firm which is not an insurer or pure reinsurer:
   1. (a) an authorised fund;
   2. (b) a closed-ended investment fund; or
   3. (c) a pre-set investment portfolio;
4. (4) an agreement or arrangement under which a firm provides the client with portfolio management; and
5. (5) an unauthorised AIF managed by a UK AIFM, unless it is a closed-ended AIF that makes no additional investments after 22 July 2013 (see regulation 74(1) of the AIFMD UK Regulation).