The article presents an analysis of the development of investment services and activities in Poland in the period 2005 – 2012. An attempt has been made to identify the factors that have an influence on the shape and character of particular investment services. The analysis made it possible to try and find an answer to the question concerning the direction of evolution of the model of running investment services and activities25 in Poland – either towards the Continental Model or the Anglo-Saxon Model, and what are its implications for the Polish financial market.