(1) If information relating to the supply of a financial service is given by means of a telephone conversation, the supplier shall ensure that the identity of the supplier and the commercial purpose of the telephone call made by the supplier are made known to the consumer at the beginning of the conversation.

(2) If, during the course of the telephone conversation, the consumer expressly waives the requirement that the supplier must give to the consumer the information specified in Schedule 1, the supplier does not have to comply with that requirement, but must nevertheless give the information specified in Schedule 2. If that happens, the supplier -

(a) shall tell the consumer that the other information about the proposed contract can be made available to the consumer if the consumer requests it, and

(b) when doing so, shall tell the consumer the nature of that information.