client

means the person for whom you act and, where the context permits, includes prospective and former clients

in the SRA Financial Services (Scope) Rules, in relation to any regulated financial services activities carried on by an authorised body for a trust or the estate of a deceased person (including a controlled trust), means the trustees or personal representatives in their capacity as such and not any person who is a beneficiary under the trust or interested in the estate

execution-only

means a transaction which is effected by an authorised body for a client where the authorised body assumes on reasonable grounds that the client is not relying on the authorised body as to the merits or suitability of that transaction

transaction

means the purchase, sale, subscription or underwriting of a particular investment specified in Part III of the Regulated Activities Order

retail investment product

has the meaning given in the FCA Handbook.