Section 232(5A)

In subsection (4), “assets”— includes money, but does not include anything which an institution holds for the purposes of carrying on an insurance mediation activity unless— the activity arises in the course of carrying on an investment activity, or the institution has elected, in relation to the thing, to comply with rules that would apply in relation to it if the activity were not an insurance mediation activity.

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