DP18/10: Patient Capital and Authorised Funds

Open discussion: DP18/10
Discussion closed

We are launching a discussion with industry, consumers and their representatives, in order to explore the impact of our regulatory regime on investment in patient capital through authorised funds.

Show DP18/10 (PDF)

With this discussion paper, we seek to understand whether our regime provides investors and fund managers with appropriate access to patient capital investment while maintaining the right level of consumer protection.

We are also consulting on proposed amendments of COBS 21.3 permitted links rules, which also relates to Patient Capital and should be read in conjunction with this DP. See CP18/40: Consultation on proposed amendment of COBS 21.3 permitted links rules.

Who this applies to

You should read this paper if you are a stakeholder in authorised funds that invests directly or indirectly in patient capital or if you have an interest in investing in patient capital, or offering patient capital investments, such as:

  • retail, professional and institutional investors
  • operators and investment managers of UK authorised funds and specialised funds and their depositaries
  • pension plan operators
  • life assurance companies with an interest in patient capital
  • intermediaries
  • ancillary service providers
​​What you need to do


This discussion is now closed.