AFX Fixed Income Bond — Distribution Target List
April 2026 — Working Document
The confirmed 30-day notice period means the notes could meet the FCA's standard asset threshold ("readily realised within 30 days"), removing the capital adequacy surcharge that puts most providers off non-standard investments. This is the single strongest selling point when approaching providers.
How providers classify the AFX notes will determine everything. There are two possible outcomes:
I've researched the full UK SIPP provider market and identified 10 active providers that accept or could accept non-standard investments. These have been assessed against the AFX notes specifically and ranked by likelihood of acceptance. Five providers that have either failed, entered administration, or withdrawn from the non-standard space have been excluded.
Providers with established non-standard investment processes and a track record of accepting alternative assets. Several explicitly list loan notes, SPVs, and unlisted corporate bonds on their permitted investments lists.
4 rated "Strong Candidate"
3 rated "Worth Approaching"
Providers that accept non-standard investments but may be more conservative or have additional barriers. Includes one large wealth management firm with a significant IFA network and white-label capability.
Five providers have been excluded after due diligence: four have failed or entered administration since 2020, and one has withdrawn from accepting new non-standard investments entirely. This contraction in the market is well-documented and reinforces the importance of targeting the right providers from the outset.
The providers have been ranked in order of likelihood of acceptance. The recommended approach is to start with the strongest candidates first, as these initial conversations will test the classification question and establish whether providers treat the Vienna MTF-listed notes as standard or non-standard assets. That answer shapes every subsequent conversation.
When approaching any SIPP provider, the following documentation should be ready to submit as part of their due diligence process:
Once the updated term sheet, full prospectus, and ISIN number are confirmed, I'm in a position to begin approaching the providers on the list. I have the full contact details, the right entry points at each firm, and a clear understanding of their individual processes and what they'll need to see.
The first conversations will be with the two strongest candidates in Tier 1. Their response will tell us how the market views the product and shape the approach for the remaining providers.
Private & Confidential — AFX Wealth Internal Use Only — April 2026
This document is a working research tool and does not constitute financial advice.