CIPR 1.2.1 Who is a customer of an authorised firm?

(1) A customer of an authorised firm is a person to whom the firm provides, has provided, or offers to provide, a service that is a regulated activity, or a person who asks the firm to provide such a service. A customer may be:
(a) a retail customer;
(b) a business customer; or
(c) an eligible counterparty.
(2) The categories retail customer, business customer and eligible counterparty are mutually exclusive. To avoid any doubt, a customer of an authorised firm that is an eligible counterparty (see rule 1.2.10) is not a business customer of the firm even if the customer would otherwise qualify as a business customer under any of rules 1.2.3 to 1.2.7.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).