Section 384(2)

A group is ineligible if any of its members is— a traded company, a body corporate (other than a company) whose shares are admitted to trading on a UK regulated market, a person (other than a small company) who has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to carry on a regulated activity, an e-money issuer, a small company that is an authorised insurance company, a banking company, ... a MiFID investment firm or a UCITS management company, or a person who carries on insurance market activity or a scheme funder of a Master Trust scheme within the meanings given by section 39(1) of the Pension Schemes Act 2017 or section 39(1) of the Pension Schemes Act (Northern Ireland) 2021 (interpretation of Part 1).

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Source: legislation.gov.uk · retrieved 2026-09-04