Section 235(3)
FSMA 2000
Financial Services and Markets Act 2000 · United Kingdom
The arrangements must also have either or both of the following characteristics— the contributions of the participants and the profits or income out of which payments are to be made to them are pooled; the property is managed as a whole by or on behalf of the operator of the scheme.
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Source: legislation.gov.uk · retrieved 2026-09-04