On 3 August 2018, the Investment Association published an updated guide (the Guide) on charity authorised investment funds (CAIF), outlining the methodology of setting up a CIAF. The Guide offers advice on: the appropriate regulatory and legal structures for establishing a CIAF; the constitutional documents for CIAFs (including a revised model trust deed); the process of pre-application to the charity commission; the subsequent process for FCA authorisation; registration as a charity; and ongoing regulatory compliance.