The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note covers the regulated activities of providing basic advice to retail consumers on stakeholder products and of advising on:
securities and relevant investments
loan-based crowdfunding agreements, and
the conversion or transfer of pension benefits
Providing basic advice to retail consumers on stakeholder products is a regulated activity under article 52B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO).
This activity covers advice in the form of a recommendation given by a person (P), in the course of a business that P carries on, to a ‘retail consumer’. The recommendation must relate to a stakeholder product and certain conditions relating to the provision of basic advice must be met.
A retail consumer is any person who is advised by P giving the basic advice on the merits of opening or buying a stakeholder product in the course of a business carried on by P and who does not receive the advice in the course of a business carried on by him:
a stakeholder CTF
a stakeholder pension scheme, or
an investment of a kind specified in the Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004 (SI 2004/2738), such as certain deposit accounts, units in certain collective investment schemes and rights under certain linked long-term contracts
The conditions relating to the provision of basic advice which must be met are:
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