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Unauthorised firm - Some firms provide products and services without the required authorisation, or is knowingly running a scam. We strongly suggest you avoid dealing with unauthorised firms.
Active Individual - An individual (and some firms) that can perform certain tasks in an authorised firm. Authorised CIS - This is a fund set up in the UK that is available for investment. Recognised CIS - This is a fund set up in another country that can be marketed to investors in the UK and is available for investment.