Status: You are viewing the version of the handbook as on 2009-03-31.


      1. (1) (except 38in PROF47,47 in relation to a41 home finance transaction 41 52 14 17 52) 52has the meaning given in COBS 3.2, that is (in summary and without prejudice to the detailed effect of COBS 3.2) a person to whom a firm provides, intends to provide or has provided a service in the course of carrying on a regulated activity, or in the case of MiFID or equivalent third country business56, an ancillary service;52
        1. (a) every client is a customer or67 an eligible counterparty67;
        1. (b) "client" includes:
          1. (i) a potential client;
          1. (ii) a client of an appointed representative of a firm with or for whom the appointed representative acts or intends to act in the course of business for which the firm has accepted responsibility under section 39 of the Act (Exemption of appointed representatives) or, where applicable, a client of a tied agent of a firm67;
          1. (iii) a collective investment scheme even if it does not have separate legal personality;
          1. (iv) if a person ("C1"), with or for whom the firm is conducting or intends to conduct designated investment business, is acting as agent for another person ("C2"), either C1 or C2 in accordance with67 the rule on agent as client COBS 2.4.3 R;
          1. (v) for a firm that is establishing, operating or winding up a personal pension scheme, a member or beneficiary of that scheme;39
        1. (c) "client" does not include:
          1. (i) a trust beneficiary not in (b)(v)39;
          1. (ii) a corporate finance contact;
          1. (iii) a venture capital contact.
      1. (2) [deleted]38
      1. (3) (in PROF) (as defined in section 328(8) of the Act (Directions in relation to the general prohibition)) (in relation to members of a profession providing financial services under Part XX of the Act (Provision of Financial Services by Members of the Professions)):
        1. (a) a person who uses, has used or may be contemplating using, any of the services provided by the member of a profession in the course of carrying on exempt regulated activities (including, where the member of the profession is acting in his capacity as a trustee, a person who is, has been or may be a beneficiary of the trust); or
        1. (b) a person who has rights or interests which are derived from, or otherwise attributable to, the use of any such services by other persons; or
        1. (c) a person who has rights or interests which may be adversely affected by the use of any such services by persons acting on his behalf or in a fiduciary capacity in relation to him.3
      1. (4) (in relation to a regulated mortgage contract, except in38 PROF 52) the individual or trustee who is the borrower or potential borrower under that contract.1417
      1. 41(5) (in relation to a home purchase plan, except in PROF) the home purchaser or potential home purchaser.
      1. 41(6) (in relation to a home reversion plan, except in PROF):
        1. (a) the reversion occupier or potential reversion occupier; or
        1. (b) an individual who is an unauthorised reversion provider and who is not, or would not, be required to have permission to enter into a home reversion plan.