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Provider investment in advisers only on commercial basis – FSA

The FSA has clarified that product provider investment in an advisory firm must be on commercial terms.

The regulator says that if a provider invests in an advisory firm, whether by loans, investment or otherwise, it must be on commercial terms which are objectively comparable to those on which an independent person unconnected to a provider would be willing to make an investment or provide a loan.

The FSA also stated that provision of or investment in IT hardware is only allowed where it forms part of a software project, and cannot be given as a gift.

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