A type of investment scheme defined in section 235 of the Financial Services and Markets Act 2000 (FSMA). Broadly, this term refers to any arrangements with respect to property, the purpose or effect of which is to enable the participants to receive profits or income out of the property. FSMA restricts the promotion and management of collective investment schemes.

The glossary to the FCA Handbook sets out the full definition of this term. When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of collective investment scheme.