591.This section makes it an offence for a person to describe himself (in whatever terms) as a person who has the benefit of the Part XX exemption in relation to a particular regulated activity, or behaves or otherwise holds himself out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that he is such a person, when he is not.
592.Subsection (2) provides that in proceedings for an offence under this section it is a defence for the accused to show that he took all reasonable precautions and exercised all due diligence to avoid committing the offence.
593.Undersubsection (3), a person found guilty of this offence is liable on conviction to a maximum of 6 months imprisonment and a fine not exceeding level 5 on the standard scale (currently £5,000).  If the offence results from the public display of material, subsection (4) a fine of level 5 is to multiplied by the number of days for which any material giving rise to the offence was on public display.
Commentary on Sections Part Xx: Provision of Financial Services by Members of the Professions Section 333: False claims to be a person to whom the general prohibition does not apply