Collective investment schemes (CIS)

This Overview provides a guide to the Financial Services content within the Collective Investment Schemes (CIS) subtopic, with links to appropriate materials.

What is a collective investment scheme?

A collective investment scheme (CIS) is an investment fund used for collective investment by investors. Investors’ contributions (usually cash) are invested in underlying assets on a pooled basis by an investment manager. A CIS can be open-ended or closed-ended or a hybrid form. For more information on these terms, see Toolkit: Funds Toolkit—Glossary and other LexisNexis® resources. Section 235 of the Financial Services and Markets Act 2000 (FSMA 2000) defines a CIS as: 'any arrangements with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income'. For further information on what constitutes a CIS and the CIS, management of alternative investment

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Financial Services News

FCA calls for faster bereavement claim processing by life insurers

The Financial Conduct Authority (FCA) has conducted a multi-firm review of life insurers' handling of bereavement claims and the review revealed evidence of good practices, such as firms providing additional support for claimants during their difficult time. However, the FCA also acknowledged that firms can face challenges in obtaining the necessary evidence to assess a claim and has called for firms to improve their handling times for bereavement claims for delivery of positive customer outcomes, in line with the Consumer Duty introduced in July 2023.

FCA updates whistleblowing data for Q3 2024

The Financial Conduct Authority (FCA) has published whistleblowing quarterly data for Q3 2024 and revealed that it has received 322 new whistleblowing reports between July and September 2024, which is an increase from the reports received in the same quarter of 2023, and 253 reports in Q2 2024.

FCA publishes guidance for firms that enables a risk-based approach to payments

The Financial Conduct Authority (FCA) has published final guidance explaining how it expects Payment Service Providers (PSPs) to apply changes introduced by the Payment Services (Amendment) Regulations 2024 which came into force in October 2024. The FCA has also updated its Approach Document which sets out the final guidance.

Financial Services—other developments (22/11/2024)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

View Financial Services by content type :

News