Home FCA Handbook COBS COBS 3 COBS 3.4 Retail clients
You are viewing COBS 3.4 Retail clients as of . COBS 3.4 Retail clients was last updated on 06/04/2026.

COBS 3.4 Retail clients

03/01/2018R

A retail client is a client who is not a professional client or an eligible counterparty.

[Note: article 4(1)(11) of MiFID]

01/11/2007R

If a firm provides services relating to a CTF (except for a personal recommendation relating to a contribution to a CTF), the firm's client is a retail client even if it would otherwise be categorised as a professional client or an eligible counterparty under this chapter.

06/04/2026G

A firm that provides a targeted support service is required to treat its client as a retail client in relation to the provision of that service, even if it would otherwise be categorised as a professional client or an eligible counterparty for other purposes (COBS 9B.3.4R). This chapter is not therefore relevant to a firm in relation to the provision of a targeted support service.