product

213(1) any specified investment distributed or to be distributed to retail customers; and (2) any service which involves or includes the carrying on of a regulated activity or an ancillary activity, providing a payment service, or issuing electronic money and activities connected to providing a payment service or issuing electronic money which is:

1. (a) provided directly to a retail customer;
2. (b) provided by Firm A to Firm B (further to an arrangement between them) for the purpose of enabling Firm B to distribute a specified investment to a retail customer or provide a regulated activity directly to a retail customer (for example providing a credit reference for the purposes of mortgage lending or consumer credit); or
3. (c) provided by Firm A to Firm B (further to an arrangement between them) to enable Firm B to operate or procure performance of the terms of a specified investment, or a credit agreement, that has been distributed to a retail customer (for example debt collection).

(3) The term ‘product’ is intended to refer to the distribution of a specified investment or provision of a service generally and not, unless the contrary intention appears, to arrangements with or in relation to individual retail customers. [Note: paragraph (1) includes a fund the units or shares of which are distributed or to be distributed to retail customers]