retail client
- (1) (other than in relation to the provision of basic advice on stakeholder products or to credit-related regulated activities) in accordance with COBS 3.4.1 R, a client who is neither a professional client or an eligible counterparty; or
- (2) (in relation to the provision of 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; or
- (3) (in relation to credit-related regulated activity and regulated claims management activity190) a customer.
[Note: article 4(1)(11)172 of MiFID]