The FSA regulates professional firms that carry on mainstream financial activity as per the Regulated Activity Order. It includes direct advice to clients on investment and pension products, discretionary investment management and certain types of corporate finance activities such as listing and public offers. Broadly it means standalone investment advice as opposed to advice as an adjunct to the provision of professional services, e.g. legal services. Such firms must become authorised professional firms. A professional firm not conducting mainstream financial activity, whose advice is incidental to a professional activity, can become an exempt professional firm regulated by a designated professional body.