According to the ICOBS book, how is a natural person acting outside their trade or profession defined?

The definition of a natural person acting outside their trade or profession refers to individuals engaging in activities for personal rather than business purposes. This is consistent with how the term "consumer" is understood in insurance and regulatory contexts. A consumer typically seeks products or services for personal use, distinct from their professional activities.

In the insurance context, particularly under the ICOBS (Insurance Conduct of Business Sourcebook) regulations, distinguishing between a consumer and other roles (like employees, business owners, or agents) is crucial for determining the rights and protections available to individuals. Consumers are generally afforded certain protections that do not apply to individuals acting in a business capacity.

Understanding the nature of a consumer's relationship with insurance products is essential, as it influences the suitability of products, the disclosures required, and the overall regulatory framework designed to protect individuals navigating the marketplace.