COBS 3.4 Retail clients
A retail client is a client who is not a professional client or an eligible counterparty.
[Note: article 4(1)(12) of MiFID]
If a firm provides services relating to a CTF (except for a personal recommendation relating to a contribution to a CTF), the firm's client is a retail client even if it would otherwise be categorised as a professional client or an eligible counterparty under this chapter.