Sch 2 para 32
After section 425 insert— Consumers: regulated activities etc carried on by authorised persons (425A) (1) This section has effect for the purposes of the provisions of this Act which apply this section. (2) “ Consumers ” means persons who— (a) use, have used or may use any of the services within subsection (3); or (b) have relevant rights or interests in relation to any of those services. (3) The services within this subsection are services provided by— (a) authorised persons in carrying on regulated activities; (b) authorised persons who are investment firms, or credit institutions, in providing relevant ancillary services; or (c) persons acting as appointed representatives. (4) A person (“P”) has a “ relevant right or interest ” in relation to any services within subsection (3) if P has a right or interest— (a) which is derived from, or is otherwise attributable to, the use of the services by others; or (b) which may be adversely affected by the use of the services by persons acting on P's behalf or in a fiduciary capacity in relation to P. (5) If a person is providing a service within subsection (3) as a trustee, the persons who are, have been or may be beneficiaries of the trust are to be treated as persons who use, have used or may use the service. (6) A person who deals with another person (“A”) in the course of A providing a service within subsection (3) is to be treated as using the service. (7) In this section— “ credit institution ” means— a credit institution authorised under the banking consolidation directive; or an institution which would satisfy the requirements for authorisation as a credit institution under that directive if it had its registered office (or if does not have one, its head office) in an EEA State; “ relevant ancillary service ” means any service of a kind mentioned in Section B of Annex I to the markets in financial instruments directive the provision of which does not involve the carrying on of a regulated activity.