What is the definition of a consumer in the context of financial services?

In the context of financial services, a consumer is defined as an individual who obtains a financial product primarily for personal or household use. This definition emphasizes the intent behind the acquisition of the financial product. When someone seeks financial services—such as loans, mortgages, or insurance—it is typically for personal purposes, such as buying a home, funding education, or managing household expenses.

This distinction is crucial because it differentiates consumers from professional entities or individuals involved in financial activities for investment or commercial purposes. For instance, an investor participating in financial markets, while also a user of financial products, does so mainly for profit rather than for personal or household needs. Similarly, professionals who work within financial institutions or offer advice on financial products do not typically qualify as consumers in this context, as their roles are based on business operations or advisory capacities rather than personal financial management.