A collective investment scheme (CIS), which is sometimes referred to as a ‘pooled investment’, is a fund that several people contribute to. A fund manager will invest the pooled money in one or more types of asset, such as stocks, bonds or property.

There are many types of collective investment scheme available to investors. We regulate these schemes, including authorised UK schemes and ‘recognised’ schemes from other countries.

If a collective investment scheme is not authorised or recognised it is considered an unregulated collective investment scheme (UCIS). Unregulated collective investment schemes are not subject to the same restrictions in terms of their investment powers and how they are run.

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