PART II SPECIFIED ACTIVITIES

Chapter XIIAdvising on Investments

Exclusions

Advice given in newspapers etc.54

1

There is excluded from F3articles 53, 53A, 53B F7, 53C and 53D the giving of advice in writing or other legible form if the advice is contained in a newspaper, journal, magazine, or other periodical publication, or is given by way of a service comprising regularly updated news or information, if the principal purpose of the publication or service, taken as a whole and including any advertisements or other promotional material contained in it, is neither—

a

that of giving advice of a kind mentioned in article 53 F4, 53A, 53B F8, 53C or 53D, as the case may be; nor

F1b

that of leading or enabling persons—

i

to buy, sell, subscribe for or underwrite securities or F2relevant investments, or (as the case may be),

ii

to enter as borrower into regulated mortgage contracts, or vary the terms of regulated mortgage contracts entered into by them as borrowerF5;

iii

to enter as reversion seller or plan provider into regulated home reversion plans, or vary the terms of regulated home reversion plans entered into by them as reversion seller or plan provider,

iv

to enter as home purchaser into regulated home purchase plans, or vary the terms of regulated home purchase plans entered into by them as home purchaserF10;

v

to enter as agreement seller or agreement provider into regulated sale and rent back agreements, or vary the terms of regulated sale and rent back agreements entered into by them as agreement seller or agreement provider.

2

There is also excluded from F6articles 53, 53A, 53B F9, 53C and 53D the giving of advice in any service consisting of the broadcast or transmission of television or radio programmes, if the principal purpose of the service, taken as a whole and including any advertisements or other promotional material contained in it, is neither of those mentioned in paragraph (1)(a) and (b).

3

F11The FCA may, on the application of the proprietor of any such publication or service as is mentioned in paragraph (1) or (2), certify that it is of the nature described in that paragraph, and may revoke any such certificate if it considers that it is no longer justified.

4

A certificate given under paragraph (3) and not revoked is conclusive evidence of the matters certified.