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retail customer

    141722(1) (other than in PRIN and COCON) an individual who is acting for purposes which are outside their trade, business or profession.215

    (2) (in PRIN and COCON):

      1. (a) in relation to activities to which BCOBS applies, a banking customer or prospective banking customer;215
      1. (b) in relation to activities to which ICOBS applies, a policyholder or prospective policyholder;215
      1. (c) in relation to activities to which COBS applies, a customer who is not a professional client;215
      1. (d) in relation to managing a UK UCITS, managing an AIF or establishing, operating or winding up a collective investment scheme, a person who is a unitholder, an investor in an AIF or the beneficial owner of units or shares in a fund, excluding a customer who is or would be a professional client;215
      1. (e) in relation to any other activities, a customer for the purpose of that activity;215
      1. (f) where a firm is involved in a distribution chain, any person who is, or would be, the end retail customer in that distribution chain but is not a direct client of that firm;215
      1. (g) where a firm carries out activities in relation to an occupational pension scheme, any person who is not a client of the firm but who is or would be a beneficiary in relation to investments held in that occupational pension scheme.

    COCON 2.4.3R modifies this definition for the purposes of COCON.215192

    [Note: article 2(d) of the Distance Marketing Directive]192

    [Note: for the purposes of retail customer the term customer has the definition given for the purposes of the activity for which it is defined, or the chapter of the Handbook which applies (as relevant).]215