Category: Compliance & AML · Reviewed by Taylor Watts, Broker · New Business · Last reviewed June 2026
The FCA Handbook sourcebook governing UK UCITS, Non-UCITS Retail Schemes and Qualified Investor Schemes — including authorisation, scheme constitution, prospectuses, investment limits, valuation and reporting.
COLL is the Collective Investment Schemes sourcebook. It is the principal rulebook for authorised funds in the UK — Undertakings for Collective Investment in Transferable Securities (UCITS), Non-UCITS Retail Schemes (NURS) and Qualified Investor Schemes (QIS). It addresses fund formation, the role of the authorised fund manager (AFM) and the depositary, investment and borrowing powers, valuation and pricing, and investor disclosure.
Made under FSMA sections 137A, 137B, 138, 247 and 248. Implements UK retained UCITS Directive (Directive 2009/65/EC) and the associated UCITS V (Directive 2014/91/EU) provisions on depositaries and remuneration.
COLL 3 covers scheme constitution; COLL 4 covers prospectuses and investor information; COLL 5 covers investment and borrowing powers; COLL 6 covers operating duties and powers; COLL 7 covers suspensions and terminations; COLL 8 covers QIS; COLL 9 covers recognised schemes. For an insurance broker this sourcebook is not applicable absent fund management permissions.
The post-Brexit overseas funds regime governs how non-UK funds may be marketed to retail customers in the UK. Long Term Asset Funds (LTAFs) have their own constitution under COLL 15.
A pure insurance intermediary is not within COLL. A wealth manager group might hold both a broker authorisation and an AFM authorisation, each with separate Handbook scope.
FCA Handbook, Collective Investment Schemes sourcebook (COLL). Financial Services and Markets Act 2000, sections 137A, 137B, 138, 247, 248. UK retained UCITS Directive (Directive 2009/65/EC) and UCITS V (Directive 2014/91/EU).
By Matt Bartlett, Director, on 2026-06-11.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-11. Apex Insurance Brokers Limited, FCA FRN 724952, Companies House 07014570. Not regulated advice — consult your broker on your specific position.
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