PART II SPECIFIED ACTIVITIES
Chapter VIArranging Deals in Investments
Exclusions
Arranging deals with or through authorised personsC1C229
1
There are excluded from article 25(1) and (2) F1and article 25A(1) and (2) arrangements made by a person (“A") who is not an authorised person for or with a view to a transaction which is or is to be entered into by a person (“the client") with or though an authorised person if—
a
the transaction is or is to be entered into on advice to the client by an authorised person; or
b
it is clear, in all the circumstances, that the client, in his capacity as an investor F2or (as the case may be) a borrower under a regulated mortgage contract, is not seeking and has not sought advice from A as to the merits of the client’s entering into the transaction (or, if the client has sought such advice, A has declined to give it but has recommended that the client seek such advice from an authorised person).
F32
But the exclusion in paragraph (1) does not apply if—
a
the transaction relates, or would relate, to a contract of insurance; or
b
A receives from any person other than the client any pecuniary reward or other advantage, for which he does not account to the client, arising out of his making the arrangements.