The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001

Activities to which exemption from the general prohibition does not apply

6.—(1) An activity of the kind specified by article 53 of the Regulated Activities Order (advising on investments) where the advice in question falls within either paragraph (2) or (3).

(2) Subject to paragraph (4), advice falls within this paragraph in so far as—

(a) it is given to an individual (or his agent) other than where the individual acts—

(i) in connection with the carrying on of a business of any kind by himself or by an undertaking of which he is, or would become as a result of the transaction to which the advice relates, a controller; or

(ii) in his capacity as a trustee of an occupational pension scheme;

(b) it consists of a recommendation to buy or subscribe for a particular relevant investment; and

(c) the transaction to which the advice relates would be made—

(i) with a person acting in the course of carrying on the business of buying, selling, subscribing for or underwriting the relevant investment, whether as principal or agent;

(ii) on an investment exchange or any other market to which that investment is admitted for dealing; or

(iii) in response to an invitation to subscribe for a relevant investment which is, or is to be, admitted for dealing on an investment exchange or any other market.

(3) Subject to paragraph (4), advice falls within this paragraph in so far as it consists of a recommendation to a member of a personal pension scheme (or his agent) to dispose of any rights or interests which the member has in or under the scheme.

(4) Advice does not fall within paragraph (2) or (3) if it endorses a corresponding recommendation given to the individual (or, as the case may be, the member) by an authorised person with permission to give advice in relation to the proposed transaction or a person who is an exempt person in relation to the giving of such advice.