20. False claims to be authorised or exempt

A person who is neither an Authorised Person nor, in relation to the Regulated Activity in question, an Exempt Person must not —

(a) describe himself (in whatever terms) as an Authorised Person;
(b) describe himself (in whatever terms) as an Exempt Person in relation to the Regulated Activity; or
(c) behave, or otherwise hold himself out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that he is —
(i) an Authorised Person; or
(ii) an Exempt Person in relation to the Regulated Activity.