Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

You are viewing the version of the document as on 2023-02-01.

personal investment firm

  1. 115
    1. a firm whose permitted activities include designated investment business, which is not an authorised professional firm, bank, MIFIDPRU investment firm, 206 building society, collective portfolio management firm, credit union, energy market participant, ICVC, insurer, media firm, oil market participant or service company,178 whose permission does not include a requirement that it comply with IPRU(INV) 3 (Securities and futures firms) or 5 (Investment management firms), and which is within (a), (b) or (c):
      1. (a) a firm:
        1. (i) which was a member of PIA immediately before commencement; and
        2. (ii) which was not, immediately before commencement, subject to the financial supervision requirements of the FSA (under section 43 of the Financial Services Act 1986), or IMRO or SFA (under lead regulation arrangements);
      2. (b) a firm whose permission includes a requirement that it comply with IPRU(INV) 13 (Personal investment firms);
      3. (c) a firm:
        1. (i) which was given a Part 4A permission after commencement, or which was authorised under section 25 of the Financial Services Act 1986 immediately before commencement and not a member of IMRO, PIA or SFA; and
        2. (ii) for which the most substantial part of its gross income (including commissions) from the designated investment business included in its Part 4A permission is derived from one or more of the following activities (based, for a firm given a Part 4A permission after commencement, on the business plan submitted as part of the firm's application for permission or, for a firm authorised under section 25 of the Financial Services Act 1986, on the firm's financial year preceding its authorisation under the Act):
        3. (A) advising on investments (except P2P agreements)140, arranging (bringing about) deals in investments or making arrangements with a view to transactions in investments, in relation to packaged products;
        4. (B) managing investments for retail clients;140
      4. (C) advising on P2P agreements.140