Template:COBS Section 2.4.3

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COBS 2.4.3 Agent as client

(1) If a firm (F) is aware that a person (C1) with or for whom it is providing services is acting as agent for another person (C2) in relation to those services, C1, and not C2, is the client of F in respect of that business.
(2) Paragraph (1) does not apply if:

(a) F has agreed with C1 in writing to treat C2 as its client; or
(b) C1 is neither a firm nor an overseas financial services institution and the main purpose of the arrangements between the parties is the avoidance of duties that F would otherwise owe to C2.

If this is the case, C2 is the client of F in respect of that business and C1 is not.
(3) If there is an agreement under (2)(a) in relation to more than one C2 represented by C1, F may discharge any requirement to notify, obtain consent from, or enter into an agreement with each C2 by sending to, or receiving from, C1 a single communication expressed to cover each C2, except that the following will be required for each C2:

(a) separate risk warnings required under this sourcebook;
(b) separate confirmations under the requirements on occasional reporting (COBS 16.3); and
(c) separate periodic statements.