PISCES: which investor type are you?
Your guide to PISCES investor types
Last updated: 08/07/2026
TL;DR: This guide explains the different investor types you can choose from when registering for PISCES (Individual High Net Worth, Corporate High Net Worth, Self-certified Sophisticated Investor, Other, and the upcoming Qualifying Individual), what each one requires, and what happens once you've registered, so you can pick the option that fits your situation.
When you register to invest through PISCES, you'll be asked which investor type best describes you. This guide explains each option in plain terms; what it means, what you'll need to do, and what happens once you've registered.
Contents📋
3. Self-certified Sophisticated Investor
5. Qualifying Individual (coming soon)
6. Other categories you might come across
7. What happens after you register
A few terms you'll see
These come up across the investor types below, so we've explained them once here:
- Self-certification: a short form where you confirm you meet the criteria for your chosen investor type.
- Appropriateness assessment: a brief set of questions we ask to check this type of investment (PISCES) is right for you.
- Cooling-off period: a 24-hour window after you register, giving you time to change your mind before your investment is finalised.
- The 10% rule: a cap on personal risk exposure for Qualifying Individuals (max 10% of net assets in high-risk investments, including PISCES shares, in any rolling 12-month period)
Individual High Net Worth
This is for you if you're an individual investor who meets the FCA's High Net Worth criteria; broadly, your income or assets are above a set threshold.
The threshold: an annual income of £100k+, and/or net assets of £250k+ (excluding your primary residence i.e. main home).
What you'll need to do
- Complete a self-certification form during registration.
What happens next
- You'll complete our standard appropriateness assessment.
- A 24-hour cooling-off period applies before your investment is finalised.
Corporate High Net Worth
This is for you if you're registering on behalf of a company, partnership, unincorporated association, or trust.
The threshold depends on the entity type:
- £500,000 — companies with more than 20 shareholders (or a subsidiary of one), in called-up share capital or net assets
- £5 million — companies with 20 or fewer shareholders, in called-up share capital or net assets
- £5 million — partnerships and unincorporated associations, in net assets
- £10 million — trusts, in cash and investments
What you'll need to do
- Complete a self-certification form during registration.
- Provide supporting evidence (incorporation documents and management accounts) of the entity.
What happens next
- The same appropriateness assessment and cooling-off period apply as for Individual High Net Worth, the difference is that the entity (not an individual) is the investor.
Self-certified Sophisticated Investor
This is for you if you can self-certify or are formally certified, as having the necessary financial knowledge and experience to assess the risks of investing in unlisted shares (as an individual or representative of a corporate entity), for example, through relevant investment experience or a professional background.
What you'll need to do
- Complete a self-certification form during registration.
What happens next
- You'll go through the same appropriateness assessment and 24-hour cooling-off period as the High Net Worth categories.
Other
Choose this if none of the categories above quite fits your situation.
What you'll need to do
- Tell us a bit about your investor type in your own words, using the free-text field provided.
What happens next
- Because this doesn't fit our standard categories, we'll ask you to book a short call with our team (10-15 minutes) before your registration can go ahead. This just helps us make sure everything's set up correctly for you.
Qualifying Individual (coming soon)
This new category will be for people closely linked to the company issuing the shares you're investing in; current employees, officers, directors, or external management or consultancy service providers working for that company.
What you'll need to do
- Be listed by the company as meeting the regulatory definition, and not contractually prevented from taking part.
- Complete identity verification (KYC) and be confirmed on the company's list of Qualifying Individuals.
- Sign a Restricted Investor Statement, which takes the place of the self-certification form used for the other categories.
What happens next
- You'll still go through the standard appropriateness questions and cooling-off period.
- The 10% rule applies.
We’re working on this: If this sounds like you, contact support@vestd.com and we'll help you get set up.
Other categories you might come across
PISCES rules also recognise a couple of other investor categories. They're not yet separate options in our registration flow, but you might see them mentioned elsewhere, so we've included a short explanation:
Institutional Investors
Professional clients, large companies, and authorised financial firms with the scale and expertise to manage private market investments. If this sounds like you, get in touch with our team directly to discuss your registration; pertaining to PISCES, you'll be categorised as an eligible retail investor for additional protection, so it's best to talk the process through with us directly.
Employee Share Scheme Trustees
Trustees responsible for managing a company's share incentive plans on its workforce's behalf. This route is handled through a bespoke onboarding process with our team rather than the standard registration flow. Contact us to get started.
What happens after you register
Whichever investor type applies to you, the journey looks broadly the same:
- Choose your investor type and complete the relevant form (self-certification, or the Restricted Investor Statement for Qualifying Individuals).
- Answer a short appropriateness assessment.
- Wait out the 24-hour cooling-off period. This is built in to give you time to reconsider.
- Your purchase is subject to the 10% rule, along with everyone else's.
Need help choosing?
If you're not sure which investor type applies to you, choose Other and describe your situation, our team will follow up with a short call to help you get set up correctly. You're welcome to get in touch with us directly at any point during registration if you have questions.
FAQs
Can I change my investor type after I've registered?
Not directly through the platform once your registration is submitted. If you need to change your investor type, or want to be treated differently, contact our team and we'll work through it with you. If you're not sure which type applies to you, it's worth checking before you start, or choosing "Other" and talking it through with us first.
What if I don't meet the criteria for any of the listed types?
Choose "Other" and describe your situation in the free-text field. We'll ask you to book a short call (10-15 minutes) with our team before your registration can go ahead.
Why is there a 24-hour cooling-off period?
It's a standard regulatory safeguard that gives you time to reconsider before your investment is finalised. It applies to every investor on Vestd, as you'll be categorised as an eligible retail investors
What is the 10% rule, and does it apply to me?
The 10% rule is a personal risk-exposure limit that applies specifically to Qualifying Individuals. When a Qualifying Individual signs the Restricted Investor Statement, they're confirming that:
- They have not invested more than 10% of their net assets in high-risk investments (including PISCES shares) in the past 12 months, and
- They don't intend to invest more than 10% of their net assets in high-risk investments in the next 12 months.
I'm representing a company, not applying as an individual, which type should I choose?
If your company, trust, or unincorporated association meets the High Net Worth criteria (net assets of £500k+), choose Corporate High Net Worth.
What's a Qualifying Individual, and can I register as one now?
It's a new category for employees, officers, directors, or consultants of the company issuing the shares. Contact support@vestd.com and we'll help you get set up.
I think I'm an Institutional Investor or a share scheme trustee. What should I do?
These aren't separate options in the registration flow yet. Get in touch with our team directly at support@vestd.com and we'll help you get set up.