The general prohibition does not apply to the carrying on of a regulated activity by a person ("P") if—
which prevents this subsection from applying to the carrying on of that activity by him.
P must be—
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.
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.
P must not carry on, or hold himself out as carrying on, a regulated activity other than—
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.
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).
The condition mentioned in subsection (1)(aa) is that—
In subsection (7A) a service is provided in an incidental manner in the course of a professional activity ... if the applicable conditions are satisfied.
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.
"Professional services" means services—
The exemption in this section does not apply to the carrying on of a regulated claims management activity in Great Britain.