Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Collective investment scheme definition

What does Collective investment scheme mean? A collective investment scheme is an arrangement used to pool multiple investors’ money into a single fund that is professionally managed to produce income and/or capital growth. In the UK, the term is defined in section 235 of the Financial Services and Markets Act 2000 and used throughout financial services regulation. Core legal features are that investors do not have day‑to‑day control over management of the property, contributions and returns are pooled or the property is managed as a whole by or on behalf of an operator, and returns depend on the performance of the pooled assets. Operating or...

Unregulated collective investment schemes in the UK: definition, structures, risks, regulatory perimeter, financial promotion restrictions and AIFM regime

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note explores the principal regulatory considerations concerning unregulated Collective investment schemes (UCIS) in the UK. It outlines what UCIS are, the risks they present, the regulatory framework applicable to UCIS, limits on their treatment, and how they align with the UK alternative Investment fund managers (AIFM) regime...

What are unregulated collective investment schemes?

In the UK, an unregulated collective investment scheme (UCIS) is any collective investment scheme (CIS) that is not supervised by the Financial Conduct Authority (FCA) as either an authorised (regulated) fund or a recognised scheme. Businesses and individuals can consult the FCA register to verify whether a CIS is authorised or recognised. For more on authorised and recognised funds, including the meaning of a CIS, see Practice Note: Collective investment schemes—essentials...

Overlap between a UCIS and an AIF

In the vast majority of cases, a UCIS will also constitute an alternative investment fund (AIF) for the purposes of the UK AIFM regime derived from the Alternative Investment Fund Managers Directive (AIFMD) (Directive 2011/61/EU) (see UCIS and the UK AIFM regime below)...

Location

A UCIS can be set up, operated and/or managed within the UK or in a jurisdiction outside the UK...

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Lora Froud

Macfarlanes

Lora advises clients on the structuring and operation of onshore and offshore investment funds, both regulated and unregulated, and also advises on all legal aspects of asset management. She specialises in regulated funds. Her clients include operators, asset managers, depositaries and custodians of investment funds. She regularly assists clients with related EU and UK regulatory and compliance matters. She has particular experience in advising on the UCITS regime, the Retail Distribution Review, the Alternative Investment Fund Managers Directive, MiFID and PRIIPs. Lora is an active participant in Investment Association initiatives and is currently advising the FCA and IA on the proposed Long Term Asset Fund. She is also on the Alternative Investment Management Association working groups in relation to UCITS, AIFMD and Liquid Alternatives and is on the IBA’s Investment Funds Committee. Lora is ranked as a leading individual in the retail funds space by a...

Web page updated on 22/05/2026

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