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Investment companies NMPI status list

As of 1 January 2014, independent financial advisers cannot recommend certain pooled investments to their ordinary retail clients. These are referred to as ‘non mainstream pooled investments’ (NMPIs) and may include open-ended funds, ETFs and investment companies.

However, if an investment is an ‘excluded security’, then it will not be considered to be an NMPI and therefore can continue to be recommended to ordinary retail clients, subject to normal suitability requirements. The majority of the shares and securities issued by AIC members will be excluded securities, as they are issued by investment trusts and VCTs or other companies which meet the relevant conditions to be excluded.

However, as the definitions of NMPI/excluded security are complicated, the AIC is publishing a list of those shares and securities which AIC member companies have confirmed to the AIC are ‘excluded securities’.  This list is updated on a monthly basis.  Where the member company has made a public statement on this issue, we include a link to this statement.

If an investment company share or security does not appear in this list, this does not necessarily mean that it is an NMPI.  It may be that the company is not a member of the AIC, or has yet to make a statement confirming its position.  You should contact the company or its manager if you require further information on this point.

Latest list of 'excluded securities' (excel)

Latest list of 'excluded securities' (PDF)

Disclaimer: the documents above are compiled from information provided by the AIC’s members.  The AIC accepts no responsibility for any errors or omissions in these documents or for any loss occasioned to any person or organisation acting or refraining from action as a result of any material contained in these documents or any omissions.

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