retail client
- (1) (other than in relation to the provision of basic advice on stakeholder products) in accordance with COBS 3.4.1 R, a client who is neither a professional client or an eligible counterparty; or52[Note: article 4(1)(12) of MiFID]52
- (2) (in relation to the provision of54 basic advice on a stakeholder product and in accordance with article 52B of the RAO) any person who is advised by a firm on the merits of opening or buying a stakeholder product where the advice is given in the course of a business carried on by that firm and it is received by a person not acting in the course of a business carried on by him.5254