s 327 Exemption from the general prohibition.
(1) The general prohibition does not apply to the carrying on of a regulated activity by a person (“ P ”) if— (a) the conditions set out in subsections (2) to (7) are satisfied; ... (aa) where the activity is the provision of a service listed in Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 relating to a financial instrument, the condition set out in subsection (7A) is also satisfied; and (b) there is not in force— (i) a direction under section 328, or (ii) an order under section 329, which prevents this subsection from applying to the carrying on of that activity by him. (2) P must be— (a) a member of a profession; or (b) controlled or managed by one or more such members. (3) P must not receive from a person other than his client any pecuniary reward or other advantage, for which he does not account to his client, arising out of his carrying on of any of the activities. (4) The manner of the provision by P of any service in the course of carrying on the activities must be incidental to the provision by him of professional services. (5) P must not carry on, or hold himself out as carrying on, a regulated activity other than— (a) one which rules made as a result of section 332(3) allow him to carry on; or (b) one in relation to which he is an exempt person. (6) The activities must not be of a description, or relate to an investment of a description, specified in an order made by the Treasury for the purposes of this subsection. (7) The activities must be the only regulated activities carried on by P (other than regulated activities in relation to which he is an exempt person). (7A) The condition mentioned in subsection (1)(aa) is that— (a) the service is provided in an incidental manner in the course of a professional activity ...; and (b) the professional activity concerned is the provision of professional services. (7B) In subsection (7A) a service is provided in an incidental manner in the course of a professional activity ... if the applicable conditions are satisfied. (7C) The applicable conditions for the purposes of subsection (7B) are those set out in paragraph 6(a) to (c) of Schedule 3 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 . (8) “ Professional services ” means services— (a) which do not constitute carrying on a regulated activity, and (b) the provision of which is supervised and regulated by a designated professional body. (9) The exemption in this section does not apply to the carrying on of a regulated claims management activity in Great Britain.