The City of London Law Society (CLLS) has published its response to HM Treasury's September consultation on amending the definition of financial advice in article 53 RAO. Points of interest in the CLLS' response include that: (i) it is sensible to amend the definition of the regulated activity of advice so that it is limited to personal recommendations; (ii) making the proposed changes will result in some types of firm falling outside the scope of regulation under MiFID, except in relation to restrictions on financial promotion, which may involve a degree of risk for consumers; (iii) it generally agrees with HM Treasury's proposal that the new definition should be aligned as closely as possible to the MiFID definition; and (iv) the proposed wording means there will still be uncertainties over the exact scope of the new definition and where the regulatory perimeter is.