CIPR 1.2.11 When is an agent a customer of an authorised firm?

(1) This rule applies if an authorised firm provides, or offers to provide, a service to a person (the agent) that the firm knows is acting as agent for another person (the principal), and the service is a regulated activity.
(2) The firm must treat the principal as the firm's customer in relation to that service, unless the agent is another authorised firm or a regulated financial institution.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).