(1) There are excluded from articles 25(1) and (2), 25A(1), (2) and (2A), 25B(1) and (2), 25C(1) and (2) and 25E(1) and (2) arrangements made by a person ("A") who is not an authorised person for or with a view to a transaction which is or is to be entered into by a person ("the client") with or though an authorised person if -
(a) the transaction is or is to be entered into on advice to the client by an authorised person; or
(b) it is clear, in all the circumstances, that the client, in his capacity as an investor, borrower, reversion seller, plan provider, home purchaser, agreement provider or (as the case may be) agreement seller, is not seeking and has not sought advice from A as to the merits of the client's entering into the transaction (or, if the client has sought such advice, A has declined to give it but has recommended that the client seek such advice from an authorised person).
(2) But the exclusion in paragraph (1) does not apply if -
(a) the transaction relates, or would
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